Tom Hanks in talks to play Geppetto in Disney's Pinocchio live action

According to Deadline, the iconic Hollywood star has already read the script and is keen to be involved in the project, which is helmed by his longtime collaborator Robert Zemeckis.

Zemeckis rose to prominence after directing the Back to the Future trilogy, later teaming up with Hanks on Forrest Gump, Cast Away and The Polar Express.

Due to this long-standing connection, industry insiders feel there is a strong chance that this latest deal will go through, which would see Hanks in the role of woodcarver Geppetto, who creates a living puppet called Pinocchio.

Released in 1940, the original film was only the second animated feature to be released by Disney, but remains a firm favourite among many fans today.

The upcoming remake is the latest in a string of live-action adaptations, most of which have seen huge success at the global box office, including Beauty and the Beast, Aladdin and The Lion King.

No other cast members have been confirmed for the film just yet, but expect the project to be suitably star-studded, as is often the case with a Disney blockbuster.

Hanks made headlines earlier this year after being one of the first major public figures to contract coronavirus, along with his wife Rita Wilson, while filming an Elvis Presley biopic in Australia.

After recovering from the illness, Hanks told The Guardian: "I just had crippling body aches, I was very fatigued all the time and I couldn’t concentrate on anything for more than about 12 minutes."

He has since criticised people who refuse to wear a face covering to help prevent the spread of the disease.

Most recently, Hanks has been seen in the Apple TV+ original movie Greyhound, which depicts World War II's terrifying Battle of the Atlantic.

An entirely unrelated Pinocchio movie is currently in production at Netflix; a dark stop-motion animated spin on the Italian children's story, which will be directed by acclaimed filmmaker Guillermo del Toro.

Ewan McGregor (Birds of Prey), Ron Perlman (Hellboy), Tilda Swinton (Doctor Strange) and Christoph Waltz (007: Spectre) are among the names lined up for that separate project.

Pinocchio is available to stream on Disney+. You can sign up to Disney+ for £59.99 a year or £5.99 a month. Check out our list of the best Disney+ movies and best Disney+ TV shows, or visit our TV Guide for more to watch.