Smith, who developed "The Karate Kid" starring his son Jaden, would produce through his Overbrook shingle.
While details about the "Annie" retooling are still in development stages, rapper Jay-Z, who worked with Willow on her pop hit "Whip My Hair," is in talks to collaborate on the music.
Project reps were tight-lipped about whether the pic would be a contemporary version and whether it will include any original songs.
Sony's summer hit "Karate Kid" made more than $350 million worldwide and likely helped pave the way for exploring new ground with the "Annie" redo.
