The Oscar winner's previous plans to direct the movie had been put on hold because of lack of funding.

On Wednesday, Mexican filmmaker Guillermo del Toro announced the cast for his upcoming Netflix adaptation of the classic fairy tale Pinocchio. The movie will feature Academy Award winners Cate Blanchett, Tilda Swinton, and Christoph Waltz, as well as Ewan McGregor, David Bradley, and newcomer Gregory Mann, who will be playing the titular character. "We have spent a long time curating a remarkable cast and crew and have been blessed by continuous support from Netflix to quietly and carefully soldier on, barely missing a beat," del Toro said in a statement.

Del Toro had originally announced plans to film Pinocchio in 2008, but after not being able to secure financing, the production was canceled. "It's not happening," the director said then, "but the idea was to do Pinocchio during the ascension of fascism in Italy, with Mussolini. It was a good time to discuss the idea of being a puppet or being a human, but you know, it's not in progress."

The new movie will be filmed using stop-motion animation, in collaboration with Mark Gustafson, the animation director for Wes Anderson's Fantastic Mr. Fox. "We all love and practice animation with great passion and believe it to be the ideal medium to retell this classic story in a completely new way," del Toro said of the project, which will also feature Finn Wolfhard and Tim Blake Nelson.

The new adaptation will draw inspiration from Carlo Collodi's original 1883 Italian children's book The Adventures of Pinocchio, but as originally planned in 2008, the film will take place in the 1930s during Italy's Fascist regime. The movie, which started shooting last fall, is due out in 2021.