According to Deadline Disney has set the Oz: The Great And Powerful release date for March 8, 2013, which gives it the same slot Alice in Wonderland had last year.
Oz: the Great and Powerful follows a circus wrangler (James Franco) who is transported by a tornado to the mysterious world of Oz. Once there he gets mistaken for a know-it-all, and eventually becomes the Wizard of Oz.
Spider-Man director Sam Raimi will begin shooting in July, and will direct Mila Kunis (Black Swan) who has already joined the film as the youngest sister Theodorah, who goes on to become the Wicked Witch of the West. Rachel Weisz is currently in talks to play the villainess Evanora, a powerful and evil witch who intends to rule the land and eventually becomes the Wicked Witch of the East, and Michelle Williams is in talks to join the film as Glinda, who eventually becomes the Good Witch of the North.