Paul Thomas Anderson is writing a draft for the upcoming "Pinocchio" live-action film, The Hollywood Reporter reveals.

Team Downey is teaming up with Warner Bros. to take the classic children's book and film to Hollywood.

Team Downey is a production company created by "Iron Man" star Robert Downey Jr. with his producing partner and wife, Susan Downey, in 2010. The production house has produced the 2014 film, "The Judge."

Michael Mitnick, the author of the acclaimed young adult novel "The Giver," has written the most recent draft of the script, which is to be handed to Anderson.

The six-time Oscar nominee is also being eyed as director of the upcoming "Pinocchio" remake.

Though he is not known for his experience in the children's films area, Anderson's talent had been widely acknowledged by critics.

Anderson wrote and directed the 2007 movie "There Will Be Blood," an adaptation of Upton Sinclair's "Oil!".

The Guardian's Mark Lawson called the film "a masterpiece" and "exceptionally impressive."

Lawson wrote, "Indeed, reading Oil! in 2008, one is constantly aware of how clever Anderson has been in mining the screenplay from the dense, deep rock of Sinclair's novel: small references - the possibility of being deafened by a pit-head explosion - are vastly magnified on screen."

Telegraph's Robbie Collin thinks in his "Inherent Vice" review that Anderson films just cannot fall apart.

"In other words, most things fall apart because falling apart is part of their nature. But Anderson's films may prove to be the shatterproof exceptions," he wrote.

In the same THR article, it was reported that the development of "Pinocchio" film project has become urgent since the release of Tim Burton's "Alice in Wonderland."

Since then, a lot of live-action films of children's classic fairy tales have surfaced including "Cinderella" and "Maleficent."

Disney has a long list of upcoming live-action remakes. WSJ reports that a live-action "Dumbo" film is also in the works, which will be directed by Tim Burton.

Another classic tale, "The Little Mermaid," is being developed as a live-action film. However, Deadline reports that the supposed director, Sofia Coppola, gives up the spot due to "creative differences."

Before Coppola, Joe Wright had also been considered to direct the film. Moreover, a "Beauty and the Beast" live action film is also coming starring Harry Potter's Emma Watson.

"Tinkerbell" is also reported to be included in the animation-turned-live action lineup, according to People. Reese Witherspoon is going to star in the film.

Entertainment Weekly also revealed that the animated classic, "Mulan", will be coming to the big screen as a live-action film with writers Elizabeth Martin and Lauren Hynek.