The CG-animated feature film with the working title "OZ3D" is a collaboration between Starz Animation, Multiple Media Entertainment and Gigapix Studios.
The film is budgeted at $20 million with Michael Taylor and Drew Craig of MME serving as executive producers.
"Coming off the tremendous job that Starz Animation Toronto did on the hit CG-animated feature film 'Gnomeo and Juliet,' they were undeniably the place to go for world-class production talent and experience to execute on such an internationally known and beloved property like 'Oz,'" Taylor said in a statement Wednesday.
"Creatively, the 'OZ3D' project is hilarious, perfect for the modern audience and at the same time is respectful of the underlying material," Starz Animation's Executive Vice President Jeff Young said.
No casting for the film has been announced yet.