The TV version of the show starred Robert Wagner and ran from 1968-1970.
The Men in Black star will play a charming rogue who is blackmailed by the government into staging covert robberies for the good of his country.
The project has been in the works for over a decade and Michael Douglas was originally attached to play the lead.
Smith recently signed on after a new group of writers were brought in, and he will also co-produce the film.
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