With Disney's Oz the Great and Powerful looking to bank somewhere in the $80 million range on its opening weekend, the studio is quickly moving forward with plans for a sequel.  Reports have screenwriter Mitchell Kapner, who penned the original with David Lindsay-Abaire, tapped to write up the inevitable follow-up.  Obviously there are no details on the plot as of yet.  L. Frank Baum's novel "The Wonderful Wizard of Oz,” is in the public domain, but Kapner can't use any of the iconic imagery in Warner Bros.' 1939 film.  Since Oz the Great and Powerful is considered a prequel to that film, there's plenty of space between the two to suss out another story (or more).  Perhaps we'll get a new installment of the terrifying 1985 film Return to Oz.

Starring James Franco, Mila Kunis, Michelle Williams and Rachel Weisz, Sam Raimi's Oz the Great and Powerful opens in theaters tomorrow.  Check out Matt's review of the film here, along with interviews from Sam RaimiJames FrancoMila KunisZach Braff and producer Joe Roth.  Hit the jump to watch the trailer for Return to Oz if you're not familiar with it (and want nightmares).

Variety broke the news that Disney would be moving foward with the Oz sequel.  Check out a trailer from Walter Murch's Return to Oz below, which starred Fairuza Balk and featured such lesser-known entities as Tik-Tok, Jack Pumpkinhead, Bilina and The Nome King:

Here’s the official synopsis for Oz the Great and Powerful:

Disney’s fantastical adventure “Oz The Great and Powerful,” directed by Sam Raimi, imagines the origins of L. Frank Baum’s beloved wizard character. When Oscar Diggs (James Franco), a small-time circus magician with dubious ethics, is hurled away from dusty Kansas to the vibrant Land of Oz, he thinks he’s hit the jackpot—fame and fortune are his for the taking—that is until he meets three witches, Theodora (Mila Kunis), Evanora (Rachel Weisz) and Glinda (Michelle Williams), who are not convinced he is the great wizard everyone’s been expecting. Reluctantly drawn into the epic problems facing the Land of Oz and its inhabitants, Oscar must find out who is good and who is evil before it is too late. Putting his magical arts to use through illusion, ingenuity—and even a bit of wizardry—Oscar transforms himself not only into the great wizard but into a better man as well.