Entertainment titans Will Smith and Jay-Z are in talks to bring a new version of the classic 1982 movie/musical Annie to the big screen, with Smith’s daughter Willow Smith in the lead role.

According to Variety, Will and Jay-Z are developing the picture through Will Smith’s successful company Overbrook Productions, which has produced movies like Hancock, ATL, Takers, I Am Legend and The Karate Kid.

Will Smith is hoping to recreate the success of his remake of The Karate Kid, which also starred his son Jaden Smith and has grossed over $350 million worldwide.

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.

As for Jay-Z, Annie has already proved profitable for the Brooklyn wordsmith.

His 45 King produced 1998 hit “Hard Knock Life” incorporated a sample of “It’s the Hard Knock Life” from the Broadway Musical “Annie.”