Mitchell Kapner's script will likely be rewritten specifically for Robert Downey Jr., who is circling the 3D project
Sam Raimi is set to walk down the Yellow Brick Road.
The "Spider-Man" filmmaker is set to direct Disney's "Wizard of Oz" prequel titled "Oz: The Great and Powerful," reports Variety.
TheWrap's calls to Disney and Raimi's representation at CAA were not immediately returned.
Joe Roth ("Alice in Wonderland") will produce the 3D film, which tells the story of a circus wrangler who is carried by a tornado to the marvelous land of Oz where he's mistaken for an all-knowing wizard.
"Iron Man" star Robert Downey Jr. has been rumored to play the Wizard, though he hasn't officially signed on to the project yet, as Mitchell Kapner's script will likely be rewritten specifically for him.
Raimi had previously been set to direct Tobey Maguire in Sony's "Spider-Man 4" before the duo decided they'd taken the superhero franchise as far as they could and left it in the able hands of "500 Days of Summer" director Marc Webb.
Raimi is also attached to direct WB's "World of Warcraft" and has expressed interest in Paramount's Jack Ryan franchise. He's also been considering a return to the "Evil Dead" franchise that launched his career.
With "Oz," Disney is hoping to replicate the phenomenal success it had with Tim Burton's "Alice in Wonderland," which earned $1 billion at the worldwide box office, making it the sixth-highest-grossing movie of all-time.