From WENN.com

Del Toro has been working on his vision of Carlo Collodi's story since 2008, and now Burton is reportedly planning to team up with Robert Downey, Jr. for their own take on the tale of the wooden puppet who wants to be a real boy.

Downey, Jr. will take the role of Geppetto, the woodcarver who creates Pinocchio, while Stardust writer Jane Goldman is in talks to pen the screenplay, according to The Hollywood Reporter.