The title character is a puppet who wants to be a real boy.
Hanks already has a long history with Disney, having voiced the animated cowboy Woody in the Toy Story franchise since 1995, as well as playing Walt Disney himself in the 2013 live-action movie Saving Mr. Banks.
King helmed the recent Paddington blockbusters.
The Pinocchio redo would continue a trend where Disney has been releasing remakes of its cartoon classics using a mix of live-action performance and computer animation. The Jungle Book was released in 2016 to great acclaim and Beauty and the Beast was a box-office hit in 2017.
New versions of The Lion King, Aladdin and Dumbo -- using the same combination of live-action and photo-real animation -- are also on the way.
Oscar-winning The Shape of Water filmmaker Guillermo del Toro announced last month he is working on a separate Pinocchio project for Netflix. His take will be a stop-motion, animated musical.