Earlier this week, we reported that Disney has pulled the plug on the Johnny-Depp starring, Gore-Verbinski directed rebook of The Lone Ranger.  At the time, several Hollywood sources cited the $250 million plus budget for the film as the big reason why Disney decided not to gamble on the film.

Now Verbinksi is offering to trim the budget for Ranger in the hopes of getting the project off the cancellation list.

According to the Hollywood Reporter, a source close to the dealmaking says studio chief Rich Ross believes the “substantial budget gap” can only be bridged by Verbinski reimagining some of the bigger sequences and a few “give-backs” from the talent — moves that those working on the film have been uninterested in making.

“It all starts with [Verbinski],” says a source. “If there is any saving this version of the movie, he’ll have to find substantial savings. If he can, maybe we can hold this together.”

Verbinski is said to have brought the budget down to $242 million to $244 million via nips and tucks, but the source says it needs to get to $215 million to $220 million — or less.

The underperformance of the Western Cowboys & Aliens this summer also has added to Disney’s skittishness, as has its $300 million commitment (the studio says it’s lower) to John Carter, the 2012 adaptation of the Edgar Rice Burroughs book by first-time live-action director Andrew Stanton