The Iron Man star and his Team Downey production company are producing the film for Warner Bros., and they've enlisted Oscar nominee Anderson to write a draft for the project. He is also in talks to direct the movie, according to The Hollywood Reporter.

Downey and Anderson have been good friends for years, and they were slated to work together for the first time on Anderson's 2014 film Inherent Vice, but Downey had to turn down the project due to his commitment to Avengers: Age of Ultron, and Joaquin Phoenix stepped in to replace him.

Downey has been developing Pinocchio for years, and reports suggest he'll play woodcarver Geppetto in the latest adaptation of Carlo Collodi's classic story about a wooden puppet who comes to life.