The hip-hop superstar has joined the Hollywood couple`s production company Overbook Entertainment to develop and produce movies, with the first one being a remake of `Annie`, which will star Will and Jada`s 10-year-old daughter Willow.
Jay-Z said: "The Overbrook Entertainment family and I have a unified vision. 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."
The trio - who teamed up last year to bring hit musical `Fela!` to the Broadway stage - will co-produce the film.
`Whip My Hair` singer Willow is signed to Jay-Z`s record label Roc Nation, while the `99 Problems` hitmaker previously created a hip-hop version of `Hard Knock Life`, one of the best-known songs to come from the musical.