Hellboy's del Toro developing darker Pinocchio movie

Mexican director Guillermo del Toro is developing a stop-motion animated feature of Pinocchio with the Jim Henson Co, the people behind Sesame Street and The Muppet Show.

Del Toro will serve as the executive producer, according to Variety magazine.

Del Toro, who has helmed the Hellboy film franchise,is working on a darker version of the fairy tale with co-writer Gris Grimley, who illustrated a version of Pinocchio back in 2002. Grimley will direct the film.

Walt Disney produced the first feature filmversion of the story in 1940.

Del Toro is extremely busy. He's in the midst of co-writing a two-picture production of The Hobbit, in conjunction with Lord of the Rings director Peter Jackson.

In September, the Mexican signed a four-year deal with Universal Studios which will include the films Drood (a fictional tale about Charles Dickens), an adaptation of Kurt Vonnegut's Slaughterhouse Five and remakes of Frankenstein and Dr. Jekyll and Mr. Hyde.

The 44-year-old director made the acclaimed films The Devil's Backbone and 2006's Pan's Labyrinth, which captured three Academy Awards including best art direction and cinematography.