Guillermo del Toro is making a new stop-motion musical version of 'Pinocchio' for Netflix

Director Guillermo del Toro with his Oscars for best picture and best director at the Academy Awards on March 4, 2018.

Guillermo del Toro is bringing a stop-motion musical "Pinocchio" to Netflix.

The streaming service announced Monday that del Toro, coming off multiple Oscar wins for "The Shape of Water," including best picture and best director, would make his animated feature film directorial debut with the adaptation, which he'll also write and produce. 

The plot will follow the classic "Pinocchio" story, which del Toro is setting in Italy during the 1930s – no relation to Disney's 1940 animated musical, nor its live-action remake, which is in the early stages of pre-production. So don't expect del Toro's version to include Jiminy Cricket or anybody wishing upon a star. 

Del Toro previously worked with Netflix to create the "Dreamworks' Trollhunters" TV series. His new Netflix anthology series, "Guillermo del Toro Presents 10 After Midnight" is slated for release later this year. 

Production for "Pinocchio" is scheduled to begin this fall.