It seems that Tim Burton won't be satisfied until he goes through the entire Disney catalog for something to either remake or re-imagine. According to the Hollywood Reporter, Burton wants to make a retelling of PINOCCHIO with Warner Brothers (not at Disney, interestingly enough), and Robert Downey Jr. would play Gepetto, the lovable inventor who wants a son so badly that he makes a puppet that comes to life. This new tale would be from the perspective of Gepetto and his adventures trying to find his lost wooden marionette.
The script is supposedly highly regarded at WB - it's written by Bryan Fuller of PUSHING DAISIES - and apparently they want to start quickly, if Burton and Downey can orchestrate their schedules.
If the script is good, this may be worthwhile, but Burton's treading on beloved ground here. PINOCCHIO is, of course, one of Disney's most highly regarded animated films, and many remakes through the years have come up short. Guillermo Del Toro was planning on making a stop-motion PINOCCHIO film, and that would have been the adaptation I would have rather seen, and the idea of Gepetto following Pinocchio's footsteps and going through some of his adventures seems a little padded. I'm interested in the idea of Downey playing Gepetto though, and I'd be very curious to know what he'll do with the character.
As for Tim Burton, he would be treading familiar ground yet again, and as bad as ALICE IN WONDERLAND turned out (even though it was wildly successful at the box office, the movie bored me silly, and the 3D was awful) there may be something in this story that he can make compelling. If Tim Burton's going to make his vision of old Disney stories i wonder what his SLEEPING BEAUTY would look like.