Hollywood is certainly staying away from Kansas these days.
According to The Los Angeles Times, there are two possible Wizard of Oz projects that could hit the big screen. The first, entitled Oz, is written by screenwriter Darren Lemke (Shrek Forever After) seems to be a modern remake of the 1939 original. The second seems to be more of a sequel to the original story, and will be written by Josh Olson (A History of Violence) and Todd MacFarlane (creator of Spawn).
Ever since Avatar reignited the 3D phenomenon and with the recent Alice in Wonderland solidifying the third dimension's time and place, it seems likely that major upcoming Hollywood fare will consider the technology.
And if Alice can be successful as a 3D movie, there's no reason that a remake/sequel of Wizard of Oz can't be, assuming that there will be one (or two). And knowing how Hollywood has been notorious with remakes for the last decade, this isn't too much of a surprise.
Two efforts have already been made by Hollywood to bring the Wizard of Oz back to the screen, one animated (Journey Back to Oz, 1974) and one live action (Return to Oz, 1985). They failed miserably. So if they really want audiences to reconnect with Oz, it would be only be right for Warner Bros. to do it in 3D.
That is, of course, if the re-imagining of Oz has a good script.