New Line Cinema has bought the rights to Josh Golden's script, which has already secured him a place as a finalist for the 2014 Academy Nicholl Fellowship, according to The Hollywood Reporter.
Born in Chittenango, New York in 1856, Baum's 'The Wonderful Wizard of Oz' was published in 1900. He went on to publish a further 13 novels in the series.
Golden's script, 'Road to Oz', will be produced by Beau Flynn via his New Line-based FlynnPictureCo. Golden collaborated with Nellie Belliflower (Finding Neverland) and Michael Mislove (Tunnel Vision) on the screenplay.
A director will be chosen soon, while being overseen by New Line executives Michael Disco and Sam Brown.
Baum wrote numerous other books, as well as a selection under several pseudonyms until his death in 1919 at age 62.
The film will follow in the footsteps of big-screen biopics including 'Finding Neverland', which starred Johnny Depp as Peter Pan creator JM Barrie, and 'Saving Mr Banks', which saw Emma Thompson play Mary Poppins author PL Travers.