Cool news for fans of Guillermo Del Toro.

We've known that the filmmaker has been busy producing the stop-motion animation version of Pinocchio for some time, but now he's signed on to direct it!

He's replacing Gris Grimly -- the author of a 2002 book of which the movie is based on -- to co-direct with Mark Gustafson. Jim Henson Company producer Lisa Henson has welcomed Del Toro's presence behind the camera and said:direct, we're TWICE as thrilled.

CLICK HERE to check out some early pics from the upcoming movie!

[Image via WENN.]