AceShowbiz - Oscar-winning filmmaker Guillermo del Toro is teaming up with Netflix bosses to make his animated feature film directing debut on a revamped "Pinocchio".

"The Shape of Water" director will also co-write the script with Patrick McHale and produce the stop-motion musical version of the classic children's story, which will take place in 1930s Italy and centre on a puppet who wants to be a real boy, according to Variety.

The project will be co-directed by claymation and animation expert Mark Gustafson.

Filming will begin later this year and del Toro reveals he has dreamed of making his version of Carlo Collodi's classic tale since he was a little kid.

"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," a statement from del Toro reads. "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," the statement continues. "After the incredible experience (Netflix bosses and I) have had on (TV series) 'Trollhunters', I am grateful that the talented team at Netflix is giving me the opportunity of a lifetime to introduce audiences everywhere to my version of this strange puppet-turned-real-boy."

Meanwhile, the filmmaker is also collaborating with executives at the streaming service on series Guillermo del Toro Presents "10 After Midnight".