Warners is negotiating with "Harry Potter" star Emma Watson to play Belle, which seems like a terrible idea. She was well-cast in the Rowling series, but was stiff as a door in the recent "My Week with Marilyn." We'll see how she does in Summit's upcoming "The Perks of Being a Wallflower."
Del Toro is already under the Warners roof, having written "The Hobbit" films, and is currently shooting "Pacific Rim" for the studio and Legendary Pictures.
The French fairy tale was memorably turned into the classic film "La Belle et la Bete" by Jean Cocteau as well as the 1991 Oscar-winning Disney animated musical. See clips below.