Franco, Williams and Kunis were each nominated for several awards in 2010, while Wiesz won a best supporting actress Oscar in 2005 for The Constant Gardener.
UPDATE: Abigail Spencer (Mad Men) signs on as a willing Kansas-based subject of Oz's magic.
From the beloved L. Frank Baum novel, scripters David Lindsay-Abaire (also nominated for an Oscar last year; best adapted screenplay for Rabbit Hole) and Mitchell Kapner have created a prequel telling the story of how the Wizard became the ruler of Oz.
Disney aims to release Oz in late 2012. Here are more plot details.
[Images courtesy of Life, WireImage, Getty]