Lone Ranger has finally been given the green light, with Walt Disney Studios, producer Jerry Bruckheimer, and director Gore Verbinski finally coming to an agreement over budgetary issues. We reported last month that discussions were close to being finalized. The studio is expected to officially announce when production will start later this week.

Back in August, Disney pulled the plug on Lone Ranger after the budget swelled to over $250 million. Jerry Bruckheimer and Gore Verbinski have altered their deals for Lone Ranger, along with other concessions which brings the budget down to roughly $215 million. Portions of the script were also revised to keep most of the spectacle in play for a lower cost.

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Johnny Depp will star as Tonto, while Armie Hammer is set to portray the title character. Gore Verbinski is directing from a screenplay by Justin Haythe. A December 21, 2012 release date is still officially set for Lone Ranger, although that date will likely change since production isn't expected to begin until January or February of 2012.