Oscar-winning filmmaker Guillermo del Toro will write, direct and produce a new adaptation of Pinocchio for Netflix.

The Mexico-born filmmaker has acted as a creative consultant and executive producer over the years on movies such as Megamind, Puss in Boots and Rise of the Guardians and as a producer on Book of Life, but he has never helmed one.

The story of Pinocchio will be told as a stop-motion musical and set during the rise of fascism in Italy under Mussolini, reports hollywoodreporter.com.

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"No art form has influenced my life and my work more than animation and no single character in history has had as deep of a personal connection to me as Pinocchio," del Toro said in a statement.

"In our story, Pinocchio is an innocent soul with an uncaring father who gets lost in a world he cannot comprehend. He embarks on an extraordinary journey that leaves him with a deep understanding of his father and the real world. I've wanted to make this movie for as long as I can remember."

Patrick McHale is co-writing the script with del Toro. Mark Gustafson will co-direct.