Robert Downey Jr. working on a live-action Pinocchio

The Iron Man star is teaming up with Paul Thomas Anderson to write and produce the fairytale retelling

Robert Downey Jr and Paul Thomas Anderson are writing and producing a live-action movie of Pinocchio together.

The 50-year-old actor is producing the live-action Warner Bros movie and will star as the toymaker Gepetto in the film that tells the story of a puppet that turns into a living boy.

Boogie Nights filmmaker Paul Thomas Anderson is in talks to write and possibly direct it, reworking a previous screenplay draft written by Michael Mitnick.

According to The Hollywood Reporter, Robert and Paul were originally meant to work together on the 2014 film Inherent Vice but scheduling conflicts led to Joaquin Phoenix stepping in.

Aside from Pinocchio, several live-action versions of classic animated movies are currently in the works.

Disney has new versions of The Jungle Book, Pete's Dragon, Mulan, Winnie the Pooh and Beauty and the Beast - with an all-star cast including Emma Thompson, Emma Watson, Sir Ian McKellan and Ewan McGregor - on the way.

Meanwhile, Warner Bros' reboot of Peter Pan will debut in October, and a new version of The Little Mermaid is in the works at Universal.