Well it turns out that everybody was right. The confusion was mainly because Nero's most iconic role was in the original Django film, directed by Sergio Corbucci. Nero does have his own spaghetti Western in the works, and as he revealed to Box Office Magazine, Tarantino will indeed be involved, only as an actor not as a director. The film is still titled The Good, The Brute, and The Wise, and Nero will be behind the camera for it.
Nero: “I said ‘Quentin, we are going to do a western. It would be an homage to Sergio Leone and John Huston, the director that discovered me, and would you be so kind to play a cameo?’ And he said, ‘Oh yeah! What do I have to do?’ I said, actually there are three bandits, and I have to kill them all, and he said, ‘oh, great, so I can come with Robert Rodriguez and my friends to play them.’ I said, yeah! That would be great! He said, ‘But how are you going to kill me?’ I said, I’ll tell you—with a shotgun, and inside, instead of having bullets, it will be gold coins. He said, ‘I love it!’”
Tarantino hasn't officially joined the film yet, but he's signed a letter of intent. Nero doesn't mention the other actors rumored to be involved, but I'm guessing they're still in. Tarantino's name brings a lot of weight and marketability to the film. Like he's done before, I wouldn't be surprised if the film is released here as one of those "Quentin Tarantino Presents" deals.
