The actor will be starring in Flowers for Algernon, a science-fiction tale based on the Daniel Keyes book published in 1959.
Algernon is a laboratory mouse who undergoes surgery to increase his intelligence. Subsequently, Charlie, who is mentally handicapped, will be the first human to undergo the procedure.
The story was the inspiration behind the 1968 film Charly, which starred Cliff Robertson and Claire Bloom.
The new version may be directed by Gabriele Muccino who directed Smith in Seven Pounds and The Pursuit of Happyness. Both of those films earned Smith Oscar nominations for best actor.
In the meantime, Will Smith is producing The Karate Kid, featuring his son, Jaden. The film hits theatres on June 11, 2010. He will also star in The Last Pharaoh, which is a prequel to the film I Am Legend.