The former MONTY PYTHON star's labour of love turned into one of the biggest movie disasters of all time when soaring costs led to financiers pulling all funding out of the picture.
Depp is onboard again for the new film, and Gilliam has hinted to website www.moviehole.net that he'd like Depardieu to replace fellow Frenchman Jean Rochefort in the title role.
Gilliam claims he already has a producer onboard for his new attempt at the Quixote legend and financiers are putting together a consortium effort to rework the film.
Meanwhile, Depp has told the www.ComingSoon.com website that he'd welcome the chance to go back to work with Gilliam.
Speaking at the Toronto Film Festival in Canada at the weekend (10SEP05), the actor said, "I'd love to do it again. Well, I don't want to do that again. If there's any way to avoid the curse, that would be better.
"We all felt... it was really going to be good, like the best of Terry Gilliam. I felt really good about my character, and the good news is that if he wants to go back and do that, I already know the character, so I have less homework to do."