Will Smith has done everything but take a part in a movie where his character would the be tile on a bathroom floor. It seems as though he's recognized this and is now more interested in promoting his children's talents rather than continuing to find gigs for himself because Variety reports he's looking to remake the musical Annie, with his daughter Willow as its star. The production would be take place in Smith's production company, Overbrook, and details are limited because the project is still under development.
HOWEVER. We do know that Willow found great success in performing Jay-Z's Roc Nation produced song, Whip My Hair, and it looks like HOVA is game for another round because he's in talks to collaborate on the upcoming remake's music. It's clear he's fond of the musical because he sampled it in Hard Knock Life, so his involvement in all this is as obvious as a penguin's inability to fly.
Source: Variety