The movie is based on the 1946 novel by William Lindsay Gresham about a carnival worker-turned-con man.
The film was previous adapted into a 1947 movie starring Tyrone Power.
Del Toro is writing the script for the new film with Kim Morgan.
Credit: Gregg DeGuire/WireImage; Barry King/Getty Images
Varietyfirst reportedhis potential involvement inNightmare Alley.
