'Boogie Nights' writer Paul Thomas Anderson was announced as the surprising new writer of Robert Downey Jr.'s live-action Pinocchio.

According to The Hollywood Reporter, the Oscar-nominated director and writer of "Magnolia" and "There Will Be Blood" will take over the scriptwriting duties that were previously held by "The Giver" screenwriter Michael Mitnick. THR added that the "Iron Man" actor has also been involved in editing the drafts for Warner Bros., Pinocchio's production studio.

Classic children's book adaptation 

Downey Jr. is pegged to play Pinocchio's maker Gepetto in what is expected to be a traditional adaptation of the story famously adapted by Disney in 1940. The 2002 version had a stellar cast that include Roberto Benigni, Nicoletta Braschi, David Suchet, Kevin James and Queen Latifah.

Several critics hope that Anderson will also take on director's chair on top of writing the script. If that happens, it will be his first movie with a younger audience as target, according to The Guardian. The original plan was for "Sweeney Todd" director Tim Burton to handle the directing, but he was sidelined by his new Disney project "Dumbo."

Live-action versions of animated films in demand

Recent live-action versions of classic children's stories have panned well in the box office, bringing great success to the Disney studios. "Maleficent", "Alice in Wonderland", and "Cinderella" all registered high grosses. Disney already announced that "Beauty and the Beast" starring Emma Watson, "Mulan," "Winnie The Pooh," "Tinker Bell" with Reese Witherspoon, and "Pocahontas" are on their way to production, wrote Variety.

"Pinocchio" producer Warner Bros. is very eager to get a slice of the pie, announcing a "Jungle Book: Origins" live-action film that rivals the Disney version.

Meanwhile, Universal Studios participates with a production of "The Little Mermaid" in the works, added Variety.

"The Adventures of Pinocchio" was first published in 1883, penned by Italian children's writer Carlo Collodi. It follows the story of an old woodworker named Gepetto, whose puppet was brought to life by a fairy's wand.

Walt Disney Pictures' animated feature on the wooden boy was released in 1940 - the studio's second animated bid after "Snow White and the Seven Dwarfs." Disney's "Pinocchio" animation went on to grab two Academy Awards, including one for the now iconic song "When You Wish Upon A Star."