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Paul Thomas Anderson 'Inherent Vice' film photocall, Rome, Italy - 26 Jan 2015 Image Credit: Steve Bisgrove/REX Shutterstock

Paul Thomas Anderson has been announced as the unlikely new writer of Robert Downey Jr’s live-action Pinocchio.

The Oscar-nominated writer and director of There Will Be Blood, and most recently Inherent Vice, will be taking on a script that was previously written by Michael Mitnick, best known for last year’s YA adaptation The Giver. According to The Hollywood Reporter, Downey has also been involved in giving the draft some tweaks for studio Warner Bros.

The Iron Man star is set to play Geppetto in what will be a traditional adaptation of the story, most famously told by Disney in 1940. Roberto Benigni also directed and starred in a 2002 version, panned by critics, and dubbed by a cast including Queen Latifah, David Suchet and Kevin James.

While Anderson is only writing the script, there’s a hope that he may also direct. It would be his first movie aimed at a younger audience. Tim Burton was originally set to direct their Pinocchio update but is now set to take on Disney’s Dumbo remake.

Disney might have cornered the market on live-action takes on classic kids’ stories with Maleficent, Alice in Wonderland and Cinderella all scoring at the box office and Beauty and the Beast, Mulan and Pocahontas on the way but Warner Bros are eager to compete. As well as Pinocchio, there will be a new take on The Jungle Book to rival one released by Disney.

The Warners’ version has Benedict Cumberbatch and Cate Blanchett while Disney’s features Scarlett Johansson and Idris Elba.