The project is set to be produced by Weitz and Andrew Miano via their Depth of Field production banner.
The original Pinocchio, based on the 1883 novel The Adventures of Pinocchio by Carlo Collodi, first debuted in theaters in 1940 and won two Academy Awards.
Hanks had previously been in talks for the role two years prior when Paddington helmer Paul King was attached to co-write and direct the film, but once King left the deal with Hanks was abandoned.
In the 1940 Disney-animated film Pinocchio, the lead role was voiced by Dickie Jones, Jiminy Cricket by Cliff Edwards, and Master Geppetto by Christian Rubb.
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