Cast your mind back to late 2018, when Disney had Paddington's Paul King in the director's chair for its planned live-action/CG adaptation of Pinocchio, and the Mouse House set its sights on Tom Hanks to play Geppetto. That combo didn't end up happening (and King has since moved on), but the film is still a going concern for the studio, with Robert Zemeckis now directing. And Hanks is once again in contention to play the wood carver.
The Zemeckis connection - Hanks and the director have worked together several times before, winning Oscars for Forrest Gump – means that this version of the film is much more likely to happen.
Chris Weitz is on script duty with Zemeckis, working on a way to bring the story of the puppet who longs to be a real boy, and must prove that he's worthy, back to the big screen for a new audience. No deal has been signed yet, but any movement on the film will have to wait until Hanks has finished up work on the Elvis Presley biopic that Baz Luhrmann hopes to finish shooting this autumn.