Disney was previously to add the tale to its live-action slate starring Tom Hanks as Geppetto, but it has since reportedly been cancelled, maybe due to competition with del Toro’s vision.
Nightmare Alley is scheduled to begin shooting in the fall, amongst del Toro’s other high-profile project, a new Pinocchio movie for Netflix.
The streaming service is backing the project for the writer/director, which will be a new take on the fairytale that is set behind fascist Italy.