Terry Gilliam is reportedly set to direct a production of the musical 'Into The Woods'.

The 79-year-old screenwriter - who starred in the Monty Python comedy troupe - has been handed the opportunity to helm the production at the Old Vic in London, with the musical set to run for several weeks between December and January, according to the Daily Mail newspaper.

'Into the Woods' intertwines the plots of several Brothers Grimm and Charles Perrault fairy tales.

The main characters in the production are taken from stories such as 'Little Red Riding Hood', 'Jack and the Beanstalk', and 'Cinderella'.

The musical premiered in San Diego back in 1986, and was turned into a Disney movie - starring the likes of Meryl Streep, Emily Blunt, James Corden, Anna Kendrick, Chris Pine, and Johnny Depp - in 2014.

Meanwhile, Terry previously admitted to being frustrated by budget constraints.

The screenwriter confessed he finds it ''maddening'' that his ideas are rarely matched by his budgets.

Terry said: ''It's maddening that I can't get what I really want out there.

''But I find, under pressure, I come up with better ideas. Maybe it's because it gets so much adrenaline going. I'm so angry - 'Well, f**k it! We'll do this instead.'''

The filmmaker - who suffered a perforated artery almost two years ago - also admitted the ''battles'' over his work now leave him feeling exhausted.

He explained: ''The battles used to make me stronger. They drain me now.

''When I was younger, I was much tougher and just more determined, because it was this simple, naive idea that I'm hired to do something, and that is to be me, and to use what skills and imagination I have.''