Variety reports that the 10-year-old singer's dad - movie heavyweight Will Smith - is 'exploring with Sony the potential' for the film.
Keeping it in the family, the I Am Legend actor would produce the movie through his Overbrook Entertainment production company.
Details are still in the beginning stages, but rapper Jay-Z, who worked with Willow on her hit Whip My Hair, is also said to be in talks to collaborate on the music.
Project reps were tight-lipped about whether the pic would be a contemporary version and whether it will include any original songs.
Sony's summer hit Karate Kid made more than $350 million worldwide and is thought to have helped pave the way for exploring new ground with the Annie redo.