The Wrap reported Wednesday that Erivo, 34, and Gordon-Levitt, 40, will play the Blue Fairy and Jiminy Cricket in the new movie.
The Blue Fairy is a magical being who brings Pinocchio to life and later turns him into a real boy. She also helps Pinocchio and Jiminy Cricket throughout their adventures.
Entertainment Weekly said Luke Evans has also joined the cast as the Coachman, with Keegan-Michael Key to play Honest John and Lorraine Bracco to portray the new character Sofia the Seagull. Benjamin Evan Ainsworth will voice Pinnochio.
Pinocchio is based on the Carlo Collodi novel The Adventures of Pinocchio, which Disney previously adapted as a 1940 animated film.
Netflix is developing a separate, stop-motion adaptation of Pinocchio directed by Guillermo del Toro. The movie will feature the voices of Gregory Mann, Ewan McGregor, David Bradley, Cate Blanchett and Ron Perlman.