Emma Thompson to adapt 'Annie' with Will Smith?

Emma Thompson is reportedly planning to collaborate with Will Smith on a remake of Annie.

The Men In Black stars would adapt the musical into a vehicle for Smith's daughter Willow, Vulture reports.

Jay-Z and Will Smith announced the project earlier in the year, with Columbia Pictures confirming that it will finance the movie.

The two musicians and Smith's wife Jada Pinkett-Smith first collaborated together on last year's Tony-award nominated musical Fela!.

Thompson both scripted and acted in the Nanny McPhee films, and received an Academy Award for her adaptation of Jane Austen's Sense and Sensibility.

She will next be seen as agency head Oh in Men in Black III, starring alongside Smith and Tommy Lee Jones.