Big news on an Oz movie coming up. According to Star Pulse, Dakota Fanning is being casted in an upcoming live-action movie sequal to the original Wizard Of Oz movie. Fanning is supposed to Dorothy's modern day granddaughter. This is being produced by Todd McFarlane(creator of Spawn), but whether this has any relation to his Twisted Land Of Oz line of action figures from a few years ago is unknown.
This would make for the 4th movie in planning that is inspired by the Oz books. One is Dark Oz based on the comic book series from the 90s. Another is Dorothy Of Oz based on the book by Roger S. Baum(great-grandson of the original author). The other is an all CGI-animated movie by Action Synthese which is a present day remake of Wizard Of Oz.