Disney is developing a project loosely based on their 1940 animated classic Pinocchio, bringing on screenwriter Peter Hedges (The Odd Life of Timothy Green) to write the screenplay. This is the third live action adaptation of an animated movie that Disney has put into development over the past week, following Mulan and Winnie the Pooh. The studio has also announced new live action versions of Dumbo and Beauty and the Beast over the past few months.

The story of Pinocchio originated with author Carlo Collodi's 1883 novel The Adventures of Pinocchio, following a boy made out of wood who ultimately gets his wish to become a real human, but each time he tells a lie, his nose grows longer and longer. Peter Hedges' take on Pinocchio is said to be inspired by the original story, but no specific plot details were given. Director Guillermo del Toro is currently developing his own version of Pinocchio, a stop motion 3D animated movie that he co-wrote with Matthew Robbins, which is currently being eyed by foreign investors.

After the original 1940 Pinocchio movie, the story was updated several times, in both live action and animation. Mickey Rooney starred in a 1957 live action TV movie, and Roberto Benigni brought the character to life on the big screen in his 2002 live action Pinocchio adaptation. Verne Troyer also played a vengeful version of the classic character in the 1996 horror film Pinocchio's Revenge. Peter Hedges' other writing credits include Dan in Real Life, Pieces of April, About a Boy and What's Eating Gilbert Grape.