10/11/2011 05:52 pm ET Updated Dec 11, 2011

'The Lone Ranger': Disney, Depp, Bruckheimer Make A Deal

Hi ho Silver! (really, this time).

Just about two months ago, Disney shut down production on the Johnny Depp-starring big screen remake of the famed radio and television serial, "The Lone Ranger," citing concerns about an oversized budget. Now, Deadline reports that studio and the triumvirate of Depp, producer Jerry Bruckheimer and director Gore Verbinski have agreed on a slimmer budget that gives the project a go.

The film will star Depp as Tonto, the traditional sidekick of the Lone Ranger, in a more central, heroic role; Armie Hammer will play the title character.

The initial production shutdown was an interesting move, considering that the film reunited the three principles behind the massively successful first three "Pirates of the Caribbean" films, but signaled money was seriously tight around the Mouse House.

They were supposed to meet in do-or-die talks after the labor day holidays, with a potential $215 million in discussion, though negotiations obviously went longer than initially planned.

Depp is currently filming "Dark Shadows," an adaptation of a 60s and 70s TV show, plans on starring in an adaptation of Dashiell Hammett's "The Thin Man," and just announced that he will produce, and perhaps star in, a biopic of Dr. Seuss. He next stars in this fall's "The Rum Diary," an adaptation of Hunter S. Thompson's novel.

For more on the deal, including future filming date, click over to Deadline.