There have been various Pinocchio projects mooted in the last few years, including one Guilermo Del Toro has been working on, but now another major version is in the works, with THR reporting that Tim Burton and Robert Downey Jr. are currently circling it.
The live action project would see Robert Downey Jr. as Geppetto, a woodcarver who creates a puppet that comes to life only to dream of becoming a real boy. This version will follow Geppetto's quest to find his missing puppet, rather than focussing on the puppet itself. Bryan Fuller is responsible for the screenplay.
Neither Tim Burton nor Robert Downey Jr. have a deal in place for the Warner Bros. movie, but it's believed both are extremely interested in making the film. Warner Bros. wants to go into production soon, so it may end up being the Burton's next project after Dark Shadows. However we'll have to wait and see if that happens.