The film, which was a best picture nominee, is based on 1900 novel 'The Wonderful Wizard of Oz' by author L Frank Baum.
"We are delighted to celebrate the birthday of one of the most beloved movies of all time at this year's Oscars," said Zadan and Meron.
'The Wizard of Oz' received six Oscar nominations, winning two for Original Score and Song.
Oscars ceremony will take place on March 2 at the Dolby Theatre at Hollywood & Highland Center.