Based on the edition of Carlo Collodi's classic tale illustrated by Gris Grimly, the movie is about a puppet "who embarks on a series of extraordinary and thrilling adventures, proving himself to be as indestructible as his love for his father," a synopsis said.
Del Toro is the director of "Hellboy" and "Pan's Labyrinth." He most recently served as executive producer of DreamWorks' "Puss in Boots," "Kung Fu Panda 2" and the upcoming "Rise of the Guardians," as well as creative consultant on "Megamind." Gustafson was the animation director on "The Fantastic Mr. Fox."
"Guillermo Del Toro's Pinocchio" marks Del Toro's first turn helming an animated feature. Matthew Robbins wrote the screenplay for the project and veteran rock musician and film composer Nick Cave will serve as music consultant for the production.
"Guillermo has been so passionate about this project from its inception and it is an honor to have him bring his unique blend of live-action and animation experience to this well-loved story, collaborating with the talented Mark Gustafson," Lisa Henson, chief executive officer of The Jim Henson Co., said in a statement.