Last May, it was announced that Guillermo del Toro and animation veteran Mark Gustafson (Fantastic Mr. Fox, The PJs) would co-direct a stop motion adaptation of Pinocchio for the Jim Henson Company. The film was based on a version of the story illustrated by Gris Grimly.
According to Bleeding Cool, Grimly posted a couple of tweets yesterday that implied the project is stalled:
Short to the point update on Pinocchio for those inquiring: It appears that this is not the right time for such a superior-adventurous flick
— Gris Grimly (@GrisGrimly) January 30, 2013