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The Pan's Labyrinth director said he had always been interested in making a new version of the story and is currently involved in pre-production.
He explained that he is unable to develop a script due to the ongoing WGA strike, but is working on designs which he hopes will form the basis of the film.
He told MTV: "I started doing some notes before the strike. I can only draw now."
He joked that he would be the third star of the movie alongside Frankenstein and his monster, saying: "I will appear shirtless for most of the length of the film. You will be amazed at my chocolate bar physique!"
Describing his "definitive take" on the story, he added: "The only way to do the Shelley novel is to actually do a four-hour miniseries. But I think there are permutations in which you can tell the myth in a different way."
Del Toro was recently rumoured to be directing a big-screen version of cult '60s sci-fi series The Champions.
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