Sam Raimi is set to direct 'Oz, The Great and Powerful'.

The filmmaker has been offered the chance to helm the Disney prequel to the 1939 classic 'The Wizard of Oz' although he is yet to take up the offer.

Other directors who were rumoured to be in line for the director's chair included Sam Mendes, Timur Bekmambetov and Adam Shankman, although Mendes pulled out to work on the 'Charlie and the Chocolate Factory' musical and 'On Chesil Beach'.

Robert Downey Jr. is set to take on the role of the all-powerful wizard.

While Raimi is the favourite to direct 'Oz, The Great and Powerful', one project he won't be involved in is 'Spider-Man 4' after quitting his role.

He said: "While we were looking forward to doing a fourth one together, the studio and Marvel have a unique opportunity to take the franchise in a new direction, and I know they will do a terrific job."