X-Men: First Class writer Jane Goldman is in negotiations with Warner Bros. to write the script for Tim Burton and Robert Downey Jr.'s live action film adaptation of Pinocchio. Goldman is a solid writer who has also worked on films like Kick-Ass, The Woman in Black, Stardust, and X-Men: Days Of Future Past.
As of right now, no deal has been locked down for Burton, Downey Jr. or Goldman, but they are all interested in making it, and they are talking to the studio about it. According to THR, "Goldman's hiring is meant to bring the courtship to a close and initiate commitments as she will be incorporating Downey's notes."
It would be so cool to see these talents work together, and it looks like it's going to happen. I am so happy to see that Burton is willing to work with another lead actor other than Johnny Depp.
Downey would play the woodcarver Geppetto, who creates a puppet that comes to life, and dreams of becoming a real boy. As you know he's quite the liar, and every time he lies his nose grows. When Pinocchio goes missing, Geppetto embarks on a quest to reunite with his missing marionette.
Bryan Fuller (Pushing Daisies) wrote the first draft of the script, but they might be starting from scratch with Goldman. Pinocchio is a great story that is both inspirational and terrifying. I'm looking forward to seeing Burton's take on the story.
The image in the preview was created by Sara Kristiina Albrecht, and though it kind of has a Burton feel to it, I doubt it's what Burton's character will look like.