Great... Another Disney classic is being changed into a live-action movie. Barely a week goes by in which we're not reporting yet another animation is being revamped. We're already hearing reports that production of Beauty and the Beast, starring Emma Watson and Dan Stevens, is underway and others that Dumbo, Winnie The Pooh, The Jungle Book and Mulan are all being made into live-action films. It may not be original but, if we look at $758 million Maleficent raked in and Cinderella's recent success, it is hugely profitable.

CinderellaLily James in Disney's latest live-action revamp of Cinderella.

Read More: Disney Announces Mulan Live Action Remake.

It's Pinocchio getting a make-over this time. 

The upcoming film will be loosely based on the original story of Pinocchio. The fairytale was first penned in 1883 by Italian writer Carlo Collodi and was made into an animated movie in 1940 by Disney. The story of Pinocchio centres on a wooden marionette, created by the woodcarver Geppetto, who dreams of being a real boy. Pinocchio is prone to lying and every time he does, his nose grows ever longer. 

Peter Hedges, who wrote the screenplay for the 2002 adaptation of About A Boy, is set to write the script for the upcoming live-action movie of Pinocchio.

The story of Pinocchio has been adapted or used in many forms since its creation. It has previously been adapted into a live-action film in 1957, starring Mickey Rooney, and by an Italian film maker in 2002. It is even being eyed up by Guillermo Del Toro for a much darker adaptation than Disney's. 

Deadline first reported the news.

Read More: Disney's Next Live-Action Adaptation Is Winnie The Pooh.