There has been some talk for years about doing a 'remake' of Wizard of Oz, though the term 'remake' doesnt seem to fit since a new version would certainly not be a musical like the classic.
I for one would fully support an updated cinematic adaptation of the classic book.
In another thread a few weeks back I detailed what the stipulations would be, IMO, for a movie deserving a 'remake' or 'update'.
One of the main points I made was that if an update can considerably improve upon, SFX, costumes, sets and overall production design as well as change up from a musical to a non-musical, then I think a new Wizard of Oz movie is ripe for the picking.
Who would direct it?
The obvious choice would be Tim Burton, and though I am a big fan, I must admit his production design is becoming far too predictable and somewhat tired at this point.
I believe an updated Wizard Of Oz, with today's effects technology coupled with a screenplay that more closely fallows the original book would be a big hit - and since it would not be a musical, it would take nothing away from the classic film.