Just a few weeks ago, we brought you a report about James Franco (127 Hours, Rise of the Apes) being in early talks to star as of Oz the Sam Raimi directed Oz: The Great and Powerful, after Robert Downey Jr. had dropped out of the film, and Johnny Depp had passed on the role.

Now, NYMag reports that James Franco has been confirmed to star in the fantasy adventure film as 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 magical, wicked witches.

The witches in question are Glinda, the Good Witch of the North, Evanorah, the Wicked Witch of the East, and her sister, Theodorah, the Wicked Witch of the West. Theodorah will be portrayed by Mila Kunis (Black Swan, Friends with Benefits). The actress recently met with director Sam Raimi and James Franco, who both agreed she would be perfect for the part. Her commitment to the project reportedly lead Franco to agree to join the cast.

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