wsmithnew230.jpgWillow Smith is taking on the role of little orphan Annie in the remake of the Broadway classic.

Overbrook Entertainment, headed by her parents' Will and Jada Pinkett Smith, will produce the movie. Jay-Z's record label, Roc Nation, will co-develop the flick starring the 10-year-old Whip My Hair singer.

Columbia Pictures released the following statement:

    "Combining Willow with the Overbrook team that reimagined Karate Kid and the spectacular JAY-Z makes this a dream project. A decade ago, JAY-Z proved that the power of the underlying Broadway property remains, by showing how these songs could be reinterpreted for a new generation with Hard-Knock Life."

The movie is expected to be released next year. No word on whether Will Smith will play Daddy Warbucks. That would rock!

See the original movie poster for 1982's Annie after the jump ...