Mandate International is commencing sales here on the project, which has been lined up for a pre-strike December shoot in London and Vancouver.
Christopher Plummer plays a travelling magician who owes the devil his teenage daughter in exchange for a life of extraordinary powers.
Parnassus embarks on a final adventure with his daughter and a charming stranger in a bid to escape the devil's demands.
Tom Waits will play the devil, and Andrew Garfield, Lily Cole, and Verne Troyer also star. Gilliam co-wrote the screenplay with Charles McKeown.
Sammy Hadida, William Vance and Amy Gilliam are producing. Arsenal's John Ptak and Dave Valleau from Infinity brokered the deal between Vince, the Gilliams, and Hadida.
'Terry stands out as one of the great film directors of our time, ' Hadida said.
'What is amazing and very exciting about The Imaginarium Of Doctor Parnassus is that he has conceived a large-scale fantasy adventure with tremendous humour, originality and dramatic flair.'
'Collaborating with writing partner Charles McKeown and joined by a spectacular array of talent, this project is a further inspiration to me in brining this magical world to life,' Gilliam said. 'Working with Samuel, Amy and William, I am supported in our shared belief and passion in making this special film. Embarking into the world of a modern fantasy adventure I can't think of a better team working together.'