Watch the trailer for Guillermo del Toro's long-awaited Pinocchio movie

"It's a story you may think you know, but you don't."

That's the promise in the trailer for Netflix's Pinocchio, which sees Oscar-winning director Guillermo del Toro provide his spin on the classic tale via stop-motion animation.

Ewan McGregor voices Sebastian J. Cricket, who narrates the visually stunning new teaser and tells viewers about the "story of the wooden boy." We see Geppetto, voiced here by David Bradley, putting together Pinocchio before he comes to life, and the teaser also shows off a look at the Fairy with Turquoise Hair, voiced by Tilda Swinton.

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This is the first animated movie directed by Guillermo del Toro, whose film The Shape of Water won the Best Picture Oscar in 2018. "No art form has influenced my life and my work more than animation and no single character in history has had as deep of a personal connection to me as Pinocchio," del Toro previously said, noting he's "wanted to make this movie for as long as I can remember."

Indeed, del Toro has been discussing an animated Pinocchio movie for years, and artwork from the project was shared as far back as 2012. The film finally moved forward at Netflix in 2018, with this version set in 1930s Italy and following Pinocchio, an "innocent soul with an uncaring father," as he "embarks on an extraordinary journey that leaves him with a deep understanding of his father and the real world," per del Toro. The film is also expected to be a musical.

This project is notably unaffiliated with Disney, which has its own live-action Pinocchio film directed by Robert Zemeckis headed to Disney+ this September. Netflix's version, meanwhile, will debut on streaming in December. Who will win the ultimate Pinocchio showdown?