The Pirates of the Caribbean hunk was slated to play Tonto opposite Armie Hammer's Lone Ranger in the Disney adaptation of the classic TV show.
However, in August (11), Disney chiefs axed their involvement in the film following alleged disagreements with director Gore Verbinski and producer Jerry Bruckheimer over the western's finances.
Bosses at the film giant have now given the movie the go-ahead after the budget was brought down from $275 million (£174 million) to $215 million (£136 million), according to Deadline.com.
Depp insists he expected studio executives to take their time agreeing the deal, and he is glad the project is finally moving forward.
He tells MTV.com, ""We knew that the budget was going to be huge initially, and we also knew that it was going to be shut down for a while, and it was kind of like we patiently wait - we shave a little bit here, we do a little bit there, (and) they fix it.""