Our earlier report indicated that Sam Mendes was circling the project and Adam Shankman was also mentioned as a possible candidate to direct the film as well. Now it seems Disney has offered the job to Sam Raimi, although it wasn't clear as of yet if he will accept the job or not. The earlier story also indicated that Robert Downey Jr. was in talks to play the Wizard, but it wasn't clear if he was still involved with the film at this time.
We'll be sure to keep you posted on any further details surrounding Oz: The Great and Powerful, including whether or not Sam Raimi will be directing the film, as soon as we have more information.
Oz: The Great and Powerful was released March 8th, 2013 and stars James Franco, Mila Kunis, Rachel Weisz, Michelle Williams, Zach Braff, Bill Cobbs, Joey King, Tony Cox. The film is directed by Sam Raimi.