John Hurt is being lined up to star in 'The Man Who Killed Don Quixote'.

The veteran actor has been approached by Monty Python legend Terry Gilliam to star in his long-awaited satirical film, SIC is reporting.

'The Elephant Man' star made the admission at a Q&A at the Derby Film Festival over the weekend.

The film, a re-imagining of Miguel de Cervantes' classic novel 'Don Quixote', has been in the works since 1998 and centres on Toby Grisoni, a twenty-first century marketing executive thrown back through time.

Gilliam, who has already written the script, has tried to start production several times since 2005, only to come up against numerous obstacles.

Robert Duvall was connected to the project in 2008, only to later be replaced by Ewan McGregor due to a scheduling conflict, before the project was once again scrapped in 2010 when funding collapsed.

Variety has confirmed the film has been resurrected, with Gilliam planning to meet with actors this week.

The screenwriter and director has joined forces with top Spanish producer Adrian Guerra, who revealed that production will finally start in 2015, shooting in Spain's Canary Islands.

A 2002 documentary, 'Lost in La Mancha', chronicled the first failed attempt to make 'The Man Who Killed Don Quixote'.