Stiller and Downey have a past history together in Stiller's wildly funny "Tropic Thunder", and he is now in talks with Warner Bros. with "Pinocchio".
(Just an aside--this movie is not to be confused with Guillermo del Toro's stop-motion animation "Pinocchio"
Originally, Tim Burton was attached to direct the Warner Bros. project, but now it seems that Stiller might very well be directing instead. He can wear many hats, as writer, producer, and actor, working on films such as "Cable Guy", Zoolander", and "Night at the Museum". He is currently in post-production phase for "The Secret Life of Walter Mitty", where he plays the title character, and he is in the process of providing the voice of "Alex" in "The Penguins of Madagascar".