Hollywood legend Tom Hanks is in negotiations to play the paternal woodcarver Geppetto in a live-action remake of Pinocchio.

The project is set to be directed by Back to the Future director Robert Zemeckis, who previously worked with Hanks on Cast Away, Forrest Gump and The Polar Express.

Disney's original animated Pinocchio - based on the children's novel The Adventures of Pinocchio (1883) by Italian writer Carlo Collodi - was released in 1940.

The much-loved story focuses on Geppetto, who carves a wooden puppet whom he calls Pinocchio, who is given life by a magic fairy. Pinocchio takes of on a series of adventures to become a real boy.

The script for the remake will be written by Chris Weitz, one of the directors of American Pie, who recently wrote for the Disney projects Cinderella and Rogue One: A Star Wars Story.

Bet you can't wait to see who gets to play Jiminy Cricket!