Back in August, we told you that Disney had shut down production on a big-screen adaptation The Lone Ranger, from the Pirates of the Caribbean team of Johnny Depp and Gore Verbinski, due to a rapidly ballooning budget. Deadline now reports the project is back on at Disney!

According to Deadline:

(Director Gore) Verbinski’s struggle has been to reach (a low enough budget) while retaining enough of the spectacle that made them say yes in the first place. The cutting process has included the reworking of deals for (Johnny) Depp, Verbinski and (Producer Jerry) Bruckheimer, and trimming the production budget and the long shoot.

The report also states that the original cast of Depp, Ruth Wilson (Luther), and Armie Hammer (The Social Network) as the titular character. At the moment, the film is scheduled for a December 21, 2012 release, although with the delay that date is expected to change, with filming scheduled to being in Early 2012.

Are you excited to see this one?