Academy Award winner Guillermo del Toro is set to direct a stop-motion musical adaptation of "Pinocchio" for Netflix.

Del Toro, who directed last year's "The Shape of Water," plans to retell the classic tale of "Pinocchio" in Italy during the 1930s.

"No art form has influenced my life and my work more than animation and no single character in history has had as deep of a personal connection to me as Pinocchio. In our story, Pinocchio is an innocent soul with an uncaring father who gets lost in a world he cannot comprehend," del Toro said in a statement. "He embarks on an extraordinary journey that leaves him with a deep understanding of his father and the real world. I’ve wanted to make this movie for as long as I can remember. After the incredible experience we have had on Trollhunters, I am grateful that the talented team at Netflix is giving me the opportunity of a lifetime to introduce audiences everywhere to my version of this strange puppet-turned-real-boy."

The Jim Henson Company ("The Dark Crystal") will be part of the production along with ShadowMachine ("Bojack Horseman").

"Pinocchio" is expected to start production soon, according to Engadget.