The Def Jam Records boss has joined the couple's production company Overbook Entertainment to recreate the classic movie and the Smith's daughter Willow has been cast in the title role.
Jay-Z told Contact Music, 'The Overbrook Entertainment family and I have a unified vision. We've already produced a Tony Award-winning play and we're developing a true superstar in Willow.
'This venture into film development and production is a perfect next step with teams that are accomplished, creative, and innovative.'
The trio have worked together once before on hit musical Fela!