Williams is set to play Glinda, the Good Witch, who teams up with a snake oil salesman, played by Franco, who becomes the Wizard. The two face off against her evil sisters, Theodora (Kunis) and Evanora (Weisz), for control of the magical land of Oz.
Weisz received the Olivier Award in 2010 for her performance in the Donmar revival of A Streetcar Named Desire. Franco is known for his work in films such as "Milk," "Howl" and "Spider-Man," and has been mentioned for a Broadway in a revival of Tennessee William's Sweet Bird of Youth.
Williams received Academy Award nominations for her film work, which includes "Brokeback Mountain" and "Blue Valentine," and Kunis is best known for her work on television's "Family Guy" and "That 70s Show."
A release date for the film has not yet been announced.