Syco Entertainment will co-produce the new, live international TV format alongside the Smiths' Overbrook Entertainment, it has been announced.
"We have been working on this show for over a year and we wanted to partner with the right people," Cowell said. "As soon as I met Jada and Miguel from Overbrook, I knew they would be our ideal partners."
The X Factor judge added: "DJs are the new rock stars, it feels like the right time to make this show."
Pinkett Smith commented: "This show will comb the world to find a new breed of talent. I am happy to be creating it alongside Simon Cowell, the Sony team, and my partner Miguel Melendez, on behalf of the Overbrook family."
Meanwhile, Andrea Wong, president of international production for Sony Pictures Television, added: "We are thrilled to be working with Simon Cowell and our partners at Overbrook on what we know will be a tremendously successful global format."
Sony Pictures Television, Syco and Overbook are expected to announce broadcast partners for both the UK and USA "soon". No further details about the show or format have been revealed.
> Simon Cowell's new DJ show: Our dream judges
> 'X Factor' judges are not safe, says Simon Cowell