Rapper and producer Jay-Z will join forces with Hollywood actor Will Smith to update the classic Broadway musical Annie with child artist and Smith's daughter Willow Smith taking the lead role.

The last movie adaptation of the play was released in 1982 starring Aileen Quinn as Annie. Smith's production company, Overbrook Entertainment confirmed the planned remake.

"The Overbrook Entertainment family and I have a unified vision," Jay-Z said.This is not the first time Jay-Z and Smith have worked together in a big project. The two have already combined forces for the Tony award winning musical Fela about the Nigerian music pioneer Fela Kuti.

He added: "This venture into film development and production is a perfect next step with teams that are accomplished, creative, and innovative."