Sam Raimi Going to 'OZ'

Wizard_Scary_WSat on this for a while, but it appears to be legit. says it can confirm that Sam Raimi (SPIDER-MAN) is going to direct OZ: THE GREAT AND POWERFUL for Walt Disney Pictures.
Robert Downey Jr. (IRON MAN) is said to be in talks to play the role of the “Wizard” in this prequel to THE WIZARD OF OZ (1939).

The article states that Downey’s character is a “circus wrangler transported by tornado to the mysterious world of Oz”.
The screenplay, formerly known as BRICK, was written by Mitchell Kapner (ROMEO MUST DIE). Disney hopes to have the film out in 2013.
In the Frank L. Baum novel, The Wonderful Wizard of Oz, the Great and Powerful Oz was a state fair performer from Omaha, whose hot-air balloon was whisked away into the fabulous land. The novels implied the Land of Oz was real, and not just the dreamscape of young Dorothy Gale, as in the best-known movie.

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