It has been reported that the pair are going to co-produce the film, according to US site Deadline.
The original 2007 film was a box office hit and its opening at the time was the largest ever for a film released in America during December.
Here’s everything we know so far about the sequel to I Am Legend.
Who will be involved in the sequel?
According to Variety, the film is in the works for Warner Bros with a script written by Oscar-winning screenwriter Akiva Goldsman - who adapted the original film.
A director has not yet been chosen, according to reports.
The first film was directed by Francis Lawrence, who was behind the 2011 film Water For Elephants and three of the four Hunger Games films.
Smith and Jon Mone, co-president and head of motion pictures at Westbrook Studios, will produce with Ryan Shimazaki overseeing, while Michael B. Jordan and Elizabeth Raposo will produce under their Outlier Society banner.
James Lassiter will serve as an executive producer, while Goldsman and Greg Lessans will also produce via Weed Road Pictures.
What has been revealed about the I Am Legend sequel so far?
No further details have yet been shared about the upcoming film.
However, Will Smith took to Instagram to share a teaser photo.
He tagged Jordan in the post, alluding to their involvement in the new film.
The image shows a post-apocalyptic scene reminiscent of the popular I Am Legend film - sending fans into a flurry of excitement.
What was I Am Legend about?
The original film, which was released in 2007, was adapted from the 1954 novel of the same name by Richard Matheson.
The post-apocalyptic action film starred Will Smith as virologist Robert Neville in New York City, the sole survivor of a man-made plague that transforms humans into bloodthirsty monsters.
They pursue him as he fights to find a cure.
Humanity has been mostly wiped out by a virus intended to cure cancer but Neville finds himself immune and works to develop a cure while defending himself from the mysterious creatures.
In February, Smith was named best male actor in a leading role at the Screen Actors Guild (SAG) awards for playing the father of tennis aces Venus and Serena Williams in the film King Richard.
This marked his first SAG win after three nominations.
He also has a best actor nomination at the Oscars for this role.
When will it be released?
As the I Am Legend is still in the early stages of production, there is no release date yet, but we will update this article when we know more.
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