The 29-year-old actress, who plays Theodora in the film, said Disney bosses have given it their nod for a follow-up to the fantasy film that stars James Franco as the wizard, reported Sun online.
"We're all signed on for sequels," Kunis said.
Scriptwriter Mitchell Kapner has been selected to pen the next instalment.
"Oz the Great and Powerful" is a story about small-time magician arrives in an enchanted land and is forced to decide if he will be a good man or a great one.
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