A remake of the 1939 classic filmis in the works, New Line Cinema has announced.
Nicole Kassell, known for her work on acclaimed TV drama, will direct the movie, the studio said.
It is the latest adaptation of L Frank Baum's beloved 1900 book.
The best-known big-screen version is the 1939 musical starring Judy Garland as Dorothy, a young girl who finds herself transported to a fantasy world.
The film is a pop culture landmark. New Line said the new version will be a "fresh take" on the story. The studio is owned by Warner Bros so will be able to draw on elements from the classic film, including the ruby slippers.
Disney adapted Baum's Oz books for 2013 fantasy adventure, with James Franco, Mila Kunis, Rachel Weisz and Michelle Williams starring. It received mixed reviews from critics but was a box office success.