(Cover) - EN Showbiz - Jay-Z has announced plans to produce a new version of musical Annie starring Willow Smith.

The rap megastar has previously dabbled with the Annie legacy, famously sampling the song Its a Hard Knock Life from the production for his 1998 album Vol. 2... Hard Knock Life. The 41-year-old will continue the association by teaming up with film production company Overbrook Entertainment to revamp the classic film about a feisty orphan.

Jay-Z has confirmed that young star Willow Smith will take on the lead role, fresh from her breakthrough hit Whip My Hair. Willow signed with Jay-Zs Roc Nation label last year.

"The Overbrook Entertainment family and I have a unified vision. We're developing a true superstar in Willow," Jay-Z confirmed in a statement.

Willows parents, Will and Jada Pinkett Smith are partners in the Overbrook production company and are no strangers to casting their children in leading roles. Other Overbrook films include The Pursuit of Happyness and The Karate Kid, both starring their son Jaden Smith.

With the news confirmed, many industry insiders praised the idea.

"The time is right to bring back Annie to the big screen. We're true believers in Willow's talent and believe she will be perfect in this role," stated Columbia Pictures President Doug Belgrad. (C) Cover Media