Disney seems to be going through its entire collection of animated classics, giving them a live action make over, one by one, and apparently, Pinocchio is next in line.

The film, which was originally released in 1940 is about a wooden puppet who wants to become a real boy and has a nose which grows longer each time that he tells a lie.

During the course of the movie, Pinocchio meets many foes, including the Italian puppet maker, Stromboli, and the Coachman, the owner of Pleasure Island theme park and a man who turns little boys into donkeys if they misbehave.

The new live action script is set to be written by Peter Hedges and it has been said that it will be loosely based on the original, but will place a considerably large amount of focus on the relationship between Pinocchio and his father, Geppetto.

Pinocchio was the second full length movie that Disney released after Snow White and the Seven Dwarves and it was the first to win an Oscar, for Original Score and Song for "When You Wish Upon a Star."

At the same time, the producer of the movie The Book of Life, Guillermo del Toro, is allegedly planning to develop a darker version of Pinocchio, according to Deadline.

With Disney's huge success in creating modernly remade versions of the classics Alice in Wonderland, Cinderella and Sleeping Beauty (as Maleficent), Pinocchio will follow several others including The Jungle Book, Beauty and the Beast, Dumbo and Mulan.