Robert Downey Jr. must be a very busy man, because he’s dropping out of projects left and right. First, he left the Alfonso Cuaron sci-fi pic Gravity, and now he’s left Sam Raimi’s Wizard of Oz prequel, Oz the Great and Powerful. But before you get too depressed, THR claims that Disney’s golden goose Johnny Depp might pick up where Downey left off.

Disney will produce Raimi’s version of Oz, and due to their strong relationship with Depp they feel as if he’d be the perfect candidate to play the title character. The actor has already headlined several blockbuster films for the studio including Alice in Wonderland and the Pirates of the Caribbean franchise.

Despite their history, Depp’s not a done deal. The actor is a very busy man, and is expected to begin shooting Tim Burton’s Dark Shadows adaptation fairly soon. At the same time, Disney has already hired “a unit production manager and begun the task of creating the world of Oz.”

On another note, if Depp does accept the role in Oz, it would affect another Disney project he has in the works — Lone Ranger. The production will have to be pushed back to accommodate the new feature. What’s a studio to do?

Who do you think should replace Downey?