BIG NEWS: Robert Downey Jr's long-gestating live-action Pinocchio reboot has landed a writer by the name of Paul Thomas Anderson, according to The Hollywood Reporter.
THR also reports PTA could potentially be in line to direct the picture as well.
Love or hate this idea, it could not be more out of left-field. As well as being a producer on the movie, Robert Downey Jr. has nabbed the role of Geppetto for himself. Beyond that, we have too many questions, so we will just wait for more details to arrive.
[NOTE: updated to reflect a less frantically messy but no less succinct post]