The upcoming remake of the movie musical would be produced by Overbrook Entertainment, led by James Lassiter, Ken Stovitz and Willow Smith's parents, Academy Award-nominated actor Will Smith and actress Jada Pinkett-Smith, in partnership with rap artist Jay-Z.

"Glee" co-creator Ryan Murphy was in talks to direct the film, but according to published reports, is no longer associated with the project.

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. The musical was previously filmed in 1982 and remade for ABC-TV in 1999.

Annie's 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."

A Broadway revival is planned for fall 2012 at a Nederlander theatre to be announced. James Lapine will direct.

Smith has appeared in the films "I Am Legend" and "Kitt Kittredge: An American Girl" and had a hit single with the song "Whip My Hair!" Her parents, along with Jay-Z, were co-producers of the recent Broadway musical Fela!