The film, based on the famous 1940 cartoon, is in works at the Disney with Andrew Miano and Chris Weitz producing it.
"Wonder" scribe Jack Thorne has penned the script, reported Variety.
"Spectre" helmer Sam Mendes was earlier in talks to helm the project but he left it in November last year.
The film's story revolves around a wooden puppet who dreams of becoming a real boy. It marks yet another live-action remake of a classic Disney movie, with success of "The Jungle Book" and "Beauty and the Beast" in the past.
The project is being produced by David Heyman, which is based on Roald Dahl's classic children's book "Charlie and the Chocolate Factory".
Disclaimer: No Business Standard Journalist was involved in creation of this content