Don't expect this to be the last live action update, either. There are quite a few more of these films that are in development such as The Jungle Book, Beauty and the Beast, Mulan, and Dumbo, which will directed by Tim Burton.
Pinocchio is a character originally created by Carlo Collodi, who penned the 1883 novel, The Adventures of Pinocchio. Disney released their animated version of the story in 1940.