The comic strip tale of Little Orphan Annie became a massively successful stage show in the 1970s and spawned a popular 1982 movie starring Albert Finney and Aileen Quinn.
The story was brought back by Disney for a 1999 TV movie, but Hollywood superstar Smith is now said to be in negotiations to take Annie to cinemas in a brand new remake.
Smith, who remade The Karate Kid with his son Jaden, has his 10-year-old singer daughter Willow in mind for the lead role, according to Variety.com.
The website reports rapper Jay-Z, who signed Willow to his Roc Nation record label, has been lined up to help with the film’s score.
The hip-hop mogul sampled a song from Annie in his 1998 single Hard Knock Life (Ghetto Anthem).