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OTRC: Johnny Depp film 'The Lone Ranger' moving forward after all, report says

Johnny Depp appears at the May 2011 Los Angeles premiere of 'Pirates of the Caribbean: On Stranger Tides.' / Armie Hammer appears in a scene from the 2010 movie 'The Social Network.' (Walt Disney Company / Columbia Pictures)

Plans for a Disney-produced film reboot of "The Lone Ranger" appear to be back on, almost two months after it was announced the movie may not be made due to budget issues.

An agreement was recently reached among studio executives, star Johnny Depp, producer Jerry Bruckheimer and director Gore Verbinski, Deadline.com reported recently. Disney representatives have not commented on the matter.

Under the original plan, Armie Hammer, who played both Winklevoss twins in "The Social Network," was set to play the masked hero The Lone Ranger while Depp was to portray his Native American companion, Tonto.

"The Lone Ranger" was supposed to begin production earlier this fall but plans were halted due to disagreements over its estimated $250 million budget. As part of a new deal, that sum was recently reduced to "a more manageable figure in the $215 million range," Deadline.com said, adding that filming is now expected to begin in New Mexico in early 2012.

Bruckheimer and Depp have previously collaborated on the successful "Pirates of the Caribbean" franchise and Verbinski directed the first three films.

The "Lone Ranger" franchise sees the main character and Tonto fighting crime in the Old West and spurred the hero's catchphrase that he shouts to his horse: "Hi-yo, Silver! Away!"

"The Lone Ranger" began as a radio series in the 1930s and inspired films, television shows, comic books and records, as well as the spin-off "The Green Hornet," which was also adapted into a comic series and a 2011 film starring Seth Rogen. Clayton Moore played the Lone Ranger in the television series that ran between 1949 and 1957.

Meanwhile, Depp's latest film, "The Rum Diary," based on a book by his friend Hunter S. Thompson, hits theaters on October 28. Check out a trailer below.

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