We reported on Friday that Sam Raimi had been given an offer to direct a new Disney tale and it seems that he accepted the job last night. Deadline Hollywood is reporting that Raimi will direct Oz: The Great and Powerful. The site is also reporting that the film will be in 3D.

We also reported back in April that Robert Downey Jr. was circling the project to star as the Wizard, and one of the site's sources revealed that he hasn't officially signed on yet, but they are developing the film for him to star in.

"Robert Downey Jr. isn't set yet. They are going to develop for him, if things go right. The script will be rewritten," one of my sources says. "The movie will happen, though."

Raimi will direct the film from a script by Mitchell Kapner, which will tell how the Wizard came to be. The site describes the lead character as, "a circus wrangler transported by tornado to the mysterious world of Oz where he gets mistaken for a know-it-all."

We'll be sure to keep you posted on any further developments on Oz: The Great and Powerful as soon as we have more information.