The project is being developed as a stop-motion animation film, with del Toro on as executive producer, Brian and Lisa Henson producing and the screenplay courtesy of del Toro and Grimly. Grimly and Adam Parrish King will co-direct the film, which will take about three years to finish.
Del Toro discussed the project with Bloody Disgusting a few days ago, and revealed that the idea of a more perverse Pinocchio came out of Grimly’s head, who dreamed up a tale that involved Pinocchio realizing upon his creation how much more fun it is to be bad than it is to be good, so he causes all sorts of problems for his creator before getting what life is really about.
Should be an interesting project to follow as it develops; keep it here for updates!