Will Smith recently confirmed on Good Morning America that he will in fact be producing the upcoming "Annie" remake, which will be starring his daughter Willow Smith.  Jay-Z has been recruited to write new songs for the film, and he will officially serve as the musical director for the big budget remake.

Will Smith announced that the film will have an updated script to go along with the modified story which will take place in present day New York, as opposed to the original film, which was made in 1982 but took place in 1933.  

With Will Smith producing the film, Jay-Z leading the musical choices, and Willow Smith starring as Annie, this should be an awesome remake of a legendary classic.

Source: allhiphop.com