The studio is looking at two projects currently in different phases of production. The first one, title "Oz", is currently housed by New Line, the same studio behind the Twilight
Either project could be a surefire win for Warner Bros., combining a name title we all recognize with huge special effects and obvious 3-D technology. Any remake of The Wizard of Oz has blockbuster written all over it.
Also consider that Warners is about to lose there biggest and longest running franchise in Harry Potter. L. Frank Baum's Oz series contains 15 books, very few of which have ever been remade into film. Oz would be a more than suitable replacement.