Guillermo Del Toro will co-direct a 3D stop-motion version of Pinocchio "Guillermo Del Toro's Pinocchio" with Mark Gustafson (The Fantastic Mr. Fox), .

The movie will be based on the edition of Carlo Collodi's classic tale illustrated by Gris Grimly.

It will be a production of Jim Henson Company (the creators of the Muppets) and Inferno.

"Guillermo has been so passionate about this project from its inception and it is an honor to have him bring his unique blend of live action and animation experience to this well-loved story, collaborating with the talented Mark Gustafson," said Lisa Henson, CEO of The Jim Henson Company in a statement.

"We thought the combination of beloved family friendly brands such as Pinocchio and The Jim Henson Company along with the visual and storytelling genius of Guillermo del Toro would have the makings of a film that will have tremendous worldwide box office appeal," said Inferno's Co-Chairman Bill Johnson.

Added Jim Seibel, Co-Chairman of Inferno, "This is an exciting opportunity for both Inferno and the international distributors to be in business with filmmakers of this pedigree."

The film marks Del Toro's first turn helming an animated feature, but he is not a stranger of animated films. Del Toro has a deal with DreamWorks Animation and served as an executive producer on "Kung Fu Panda 2," "Puss in Boots" and the upcoming "The Rise of the Guardians" and as a creative consultant on "Megamind."

Inferno will be in charge of offering the film at the upcoming Cannes Film Festival, according to a press release.

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