Warner Bros. is in negotiations with Robert Zemeckis to remake the 1939 classic The Wizard of Oz. According to Deadline, the studio plans to use the original script (which is credited to thirteen different writers) in bringing this old tale back to life.
Walt Disney Pictures has long been trying to return to the Emerald City with its own planned prequel Oz: The Great and Powerful, which Sam Raimi is developing to direct himself. Robert Downey Jr. has long been associated with the leading role, though he isn't signed on yet. Now, it will be a race to the finish line to see who can get their OZ film in production and on screens first.
Robert Zemeckis is currently working on another remake, Yellow Submarine, which he is producing through Disney for a 2012 release date. After that, the director was set to make his live-action return with the project Timeless, though the live-action The Wizard of Oz may now come first if Warner Bros. has any hopes of beating Disney to that famed yellow brick road.