King is in final negotiations to direct the movie, being developed by Warner Bros, reports hollywoodreporter.com.
King would be reunited with David Heyman, the producer of the two "Paddington" movies.
He was also the caretaker of the Oompa-Loompas, the short humans whom Wonka saved from enemies in Loompaland and now make his candies. The Wonka character became so indelible in culture that the 1971 film adaptation of the book was titled "Willy Wonka and the Chocolate Factory".
Gene Wilder portrayed the character in the original movie, while Hollywood star Johnny Depp played the role in the 2005 adaptation.
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