The often told on screen tale comes from author Carlo Collodi's famous puppet stories going on a series of adventures and proving himself to be as indestructible as the love he has for his father.
The studio hopes to nab director Tim Burton and actor Robert Downey Jr. to get involved in the pic which is not to be confused with the Guillermo del Toro-helmed 3D stop-motion animated Pinocchio also in development.
Jack Nicholson is also being sought to play the part of Geppetto's father, but no deals have been made yet.
"Pushing Daisies" creator Bryan Fuller wrote the original draft.
Goldman will incorporate some of Downey's notes.
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