Variety says that Smith is currently discussing the idea of the remake with Sony. Jay-Z, the rapper who helped Willow with her pop hit "Whip My Hair," is in negotiations to collaborate on the music for the film.
Whether the film will be an updated version of the classic musical or if new music will be employed has yet to be announced.
Actor-producer Smith also developed "The Karate Kid" remake for his son Jaden.
The 1977 show's famously upbeat score includes "Maybe," "It's the Hard Knock Life," "You're Never Fully Dressed Without a Smile," "Easy Street," "I Don't Need Anything But You" and "Tomorrow."
Annie opened April 21, 1977, at the Alvin Theatre and went on to win the New York Drama Critics Circle Award for Best Musical, seven Drama Desk Awards including Best Musical, the Grammy for Best Cast Show Album and seven Tony Awards, including Best Musical, Best Book (Thomas Meehan) and Best Score (Charles Strouse, Martin Charnin). The show was one of the biggest Broadway musical hits of the 1970s, running for almost six years and playing 2,377 performances.
A silver-screen version and a small-screen version of the property have been seen.
A Broadway revival is planned for fall 2012 at a Nederlander theatre to be announced. James Lapine will direct.