The actor, producer and director previously collaborated on Disney's "Pirates of the Caribbean" blockbusters.
"The Lone Ranger" project was temporarily put on hold while the filmmakers cut the movie's budget from $250 million to $215 million. The confirmed this week work has resumed on the film and a release date of May 31, 2013, has been set EW.com said.
Armie Hammer ("Gossip Girl," "The Social Network") is to play the title role, while Depp portrays his sidekick Tonto.
Notable deaths of 2014 [PHOTOS]
'Vacation' re-boot starts shooting in Georgia