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Rex Features
The film, initially titled The Man Who Killed Don Quixote, originally started filming in October 2000, but it was abandoned after a series of on-set mishaps.
A source told the Daily Express: "Terry is a fan of Colin and it's felt he's one of the few people capable of filling Johnny's shoes."
The story of the failed production was chronicled in 2002's Jeff Bridges-narrated documentary Lost In La Mancha, directed by Keith Fulton and Louis Pepe.
Together with Jude Law, Farrell and Depp were both cast as physically transformed versions of Heath Ledger's Tony in Gilliam's The Imaginarium of Doctor Parnassus when the film was completed following his death.
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Box Office Charts
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