Official negotiations have not begun yet, although there have been discussions with writers for this new movie. Robert Downey Jr. will star as Geppetto, and produce with his wife Susan Downey. Ben Stiller's involvement reportedly sprung from an interview Robert Downey Jr. gave for Iron Man 3, where the actor-producer said he wanted Ben Stiller to direct Pinocchio, after Tim Burton's departure.
No story details have been given, although Robert Downey Jr. wants to go in a different direction than the movie he had planned with Tim Burton. If a deal comes together, the project would mark a reunion for Ben Stiller and Robert Downey Jr., who worked together on the hit 2008 comedy Tropic Thunder.