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Cast member Reese Witherspoon waves at the premiere of "Hot Pursuit" in Hollywood, California April 30, 2015. The movie opens in the U.S. on May 8. REUTERS/Mario Anzuoni

Reese Witherspoon will soon be sprouting wings and spreading fairy dust as she stars in and produces 'Tink' – Disney’s live action movie of the classic Peter Pan character Tinker Bell.

According to The Hollywood Reporter, Witherspoon is slated to star as Tinker Bell and also co-produce the movie with Bruna Papandrea, her partner at the duo's production banner, Pacific Standard. Victoria Strouse, who wrote the script for Pixar’s upcoming 'Finding Nemo' sequel, 'Finding Dory,' will write the script for the project.

Though Disney has yet to name the director for 'Tink,' the movie is already in development. Details of the project’s angle are kept tightly sealed but insiders say that it will play with the idea and the timeline of the well-known Peter Pan narrative. Like 'Maleficent,' which starred Angelina Jolie, 'Tink' is supposed to give viewers insight into "the story you don't know," and will offer a new perspective on our favorite Disney fairy.

Tinker Bell first appeared in Disney’s 1953 classic animated feature, 'Peter Pan.' This tiny fairy became Peter Pan’s fairy companion and is typically portrayed as a temperamental character who can get very jealous due to her unrequited love for the “Boy Who Wouldn’t Grow Up.” Decades after the film’s release, Tinker Bell became one of the symbols of Disney and is now at the center of the lucrative Disney Fairies franchise.

Meanwhile, Witherspoon won’t be the first actress to play the famous fairy. People reported Thursday that the Wild actress will be the second Oscar-winner to portray Tinker Bell. Julia Roberts also starred as a real-life version of Tinker Bell in 'Hook' in 1991, alongside Robin Williams as Peter Pan.

'Tink' is just one of Disney’s latest foray of turning beloved animation classics into live-action movies. In an article published by The Guardian in April, Disney announced remakes of five of its best loved cartoons, namely, Pinocchio, Mulan, Beauty and the Beast, Dumbo, Winnie the Pooh, as well as a sequel to Alice in Wonderland -- one of its most profitable recent films and the movie that established Disney’s strategy when it was released in 2010. With the line-up of Disney cartoons’ live-action remakes, movie fans will surely be watching out for latest news about these projects, along with getting more details about 'Tink.'

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