The streaming service has announced newcomer Gregory Mann will assume the title role along with Ewan McGregor as Cricket and David Bradley as Geppetto.
Oscar winner Guillermo del Toro will direct the stop-motion animated musical.
Del Toro said: “After years of pursuing this dream project, I found my perfect partner in Netflix.
“We have spent a long time curating a remarkable cast and crew and have been blessed by continuous support from Netflix to quietly and carefully soldier on, barely missing a beat.”
Other cast members include Oscar winners Christoph Waltz, Tilda Swinton and Cate Blanchett.
Finn Wolfhard, John Turturro, Tim Blake Nelson and Golden Globe winner Ron Perlman will have roles in the film.
Pinocchio will based on Carlo Collodi’s tale and the musical will follow the journey of a wooden boy who is magically brought life by a puppet-maker’s wish.
The story will be set during the rise of fascism in Mussolini’s Italy.
