Variety is reporting that Sony and Will's Overbrook Entertainment production company would back the project.
Sony is said to be especially interested because it did very well financially on the "Karate Kid" remake, which starred Will's son, Jaden. The film has grossed $350 million worldwide to date.
Jay-Z reportedly is in talks to work on music for the film.
Hov's addition would be very interesting considering one of his biggest hits "Hard Knock Life (Ghetto Anthem)" sampled the song "Hard Knock Life" from the original movie.
Reps for the project have not revealed whether or not the remake will include all new songs, or also have some from the original.
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