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The film, which will be presented in Disney Digital 3-D, will feature Depp as The Mad Hatter, according to The Sun.
Depp and Burton's previous collaborations include 1990's Edward Scissorhands, Charlie And The Chocolate Factory and last year's Sweeney Todd.
A source commented: "Tim has had designs on Alice In Wonderland since before he was famous.
"He's held out on doing Alice till he got a big enough budget. Now this film is financed by Disney so money won't be a problem."
Australian actress Mia Wasikowska will play the lead role, while Linda Woolverton and Richard Zanuck have penned the script.
The movie is scheduled for release in 2010.
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