Just a few weeks ago, we told you that Robert Downey Jr. had bailed out on the Sam Raimi directed Oz: The Great and Powerful, and the studio was in discussions with Johnny Depp (Rango, Dark Shadows) to take over the lead role, and Depp passed on the role just a few days ago.

Now, THR reports that James Franco (127 Hours, Rise of the Apes) is in early talks to star as of Oz, a young illusionist with a grandiose attitude who is forced to flee a traveling circus. His hot air balloon is swept up by a tornado to the land of Oz, which is run by two magical wicked witches.

Oz: The Great and Powerful is slated to hit theaters in 2013.