It was recently reported that Disney had pulled the plug on the Johnny Depp western update of "The Lone Ranger" due to budgetary constraints.

Despite the fact that Depp was to be reunited with his billion dollar "Pirates of the Caribbean" producer Jerry bdirector Gore Verbinski (who also directed Depp in the animated "Rango"), Disney felt the likely $250 million price tag on the film was just too risky.

Now, reports Variety, the film may have a chance to get back in the saddle -- for maybe a little less money.

Disney executives reportedly sat down on Thursday with Bruckheimer and Verbinski to discuss updated budget plans which would bring it down to a more manageable figure between $200 million and $215 million.

The studio is expected to reveal their decision after the long weekend.

In the film, Depp would play Tonto, the faithful sidekick to the title cowboy, to be played by Armie Hammer ("The Social Network").

Despite the setback, the film (if it even goes forward) will still be aiming for a December 2012 release.

Meanwhile, Depp will soon be seen in "The Rum Diary," based on the writings of Hunter S. Thompson.