Will Smith and Jay Z are looking at remaking the classic musical Annie. With Will Smiths daughter Willow Smith in the lead role.

Will Smith and Jay Z are looking at remaking the classic musical Annie. With Will Smiths daughter Willow Smith in the lead role.

Reps for the project wouldn't confirm whether the new "Annie" would be set in contemporary times and include original songs, although it's rumored that Jay-Z is working on the music (his 1998 tune "Hard Knock Life" included a chorus from the musical).

Willow Smith is currently an artist on Jay-Z's Roc Nation imprint, which is a partnership between the chart-topping rapper and Live Nation, the largest live entertainment company in the world.

She has already had a hit single with the song "Whip My Hair" which peaked at #11 on Billboard's Hot 100 Chart.

While Will Smith is being rumored to produce the movie. This wouldnt be the first time Will has produced movies for his kids. He developed last year's "The Karate Kid" remake for his son Jaden. Which grossed over $350 million worldwide.