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CANNES — After a last-minute wobble caused by a rival offer from Disney, Johnny Depp has formally committed to star in Terry Gilliam’s “The Man Who Killed Don Quixote.”

Depp will play a modern-day advertising exec who is whisked back in time to 17th-century Spain where he finds himself mistaken by the eccentric knight Quixote for his sidekick Sancho Panza.

Quixote will be played by French actor Jean Rochefort, while Depp’s real-life wife, Vanessa Paradis, will provide the love interest.

The $32 million pic will shoot this fall in Spain. It is co-produced by the U.K.’s Pathe Pictures (supported by $3.2 million of lottery coin); France’s Pathe Image, Studio Canal Plus and Hachette Premiere; and Germany’s KC Medien. Spain’s Mate Production, Impala and CPA are in advanced negotiations to board the project in co-producer functions.

Depp, who worked with Gilliam on “Fear and Loathing in Las Vegas,” had long been reported as the lead of “Quixote.” But an $8 million offer (roughly three times his “Quixote” fee) from Jerry Bruckheimer to star in Tony Scott’s “Take Down” for Disney threw his participation into question for a few days.