Hollywood Ink: Is Warners Off to See the Wizard?

· It's kind of surprising it took this long, but Warner Bros. is reportedly contemplating a remake/updating of The Wizard of Oz. The studio is said to have its choice of two projects that would revive the 1939 classic: The first, simply titled Oz, is set up at New Line by the production company behind Twilight, while the other -- with a screenplay by Josh Olson (A History of Violence) -- is an untitled, modern-day story about a clash between Dorothy's granddaughter and evil forces that have overtaken Oz. Which one can only assume means vampires. In 3D. Neither apparently has the development edge at this point, but considering what we saw last weekend from Alice in Wonderland, expect a breakthrough soon. [LAT]

John Krasinski gets Borrowed, Ralph Fiennes recruits a veteran pair for Coriolanus, and more Hollywood Ink after the jump.

· John Krasinski is in talks to join the cast of the romantic comedy Something Borrowed, which previously enlisted Ginnifer Goodwin as an ambitious, single NYC attorney who falls in love with her best friend's fiancé. Krasinski would play Goodwin's male BFF -- and then inherit the lead role in the sequel, Something Blue, also based on a novel by Emily Giffin. This man will own the romcom market yet; suck it, Gerard Butler. [THR]

· Brian Cox and Vanessa Redgrave have signed on to Ralph Fiennes' updating of Coriolanus, the Shakespeare play about the Roman general who will have his revenge on the city. Fiennes will play the title role and make his directorial debut; shooting begins next week in the Eternal-ish City of Belgrade. [THR]

· A day after the true direness of MGM's straits were revealed by one of its bidder, the studio is said to be in talks with its creditors for a prepackaged bankruptcy. [NYT]

· But! Don't despair, studio shoppers: Miramax remains on the block. Disney has now set a March 19 deadline for bids and expects to close a deal within 30 days. [THR]