Last week word got out that Willow Smith was in talks to star in an 'Annie' remake with Jay-Z overseeing the soundtrack, the rumors have been confirmed. Will Smith's Overbrook Entertainment has officially formed a joint venture with Jay-Z to develop and produce the remake of the classic 1977 musical, with Willow attached to star as little orphan Annie and Sony Pictures to fund the film.

"The Overbrook Entertainment family and I have a unified vision," said Jay in a statement, referencing their past ventures in producing the Broadway musical 'Fela!' "We've already produced a Tony Award winning play and we're developing a true superstar in Willow. This venture into film development and production is a perfect next step with teams that are accomplished, creative, and innovative."

Overbrook, which consists of partners James Lassiter, Ken Stovitz, Jada Pinkett Smith and Will Smith, echoed Hov's sentiments. "We are excited to partner together to develop and produce a wide variety of films with our longtime friend Jay-Z, with whom we share a common global vision, both commercially and philosophically, and look forward to collaborating once again with the incredibly talented executives at Sony," said Lassiter.

Though it's unconfirmed if Jay will handle the music side of 'Annie,' Willow is set to take a break from music to film the remake. The 10-year-old singer, who is signed to Jay's Roc Nation imprint, recently released her platinum single 'Whip My Hair' and is soon to follow up with the dance-driven single '21st Century Girl.' Her debut album is slated for release later this spring.

Watch Willow Smith's 'Whip My Hair'

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