Bust magazine reports that the rapper will be in charge of the film's soundtrack, with Will Smith confirming that his 11-year-old daughter Willow, of "Whip My Hair" fame, will play the lead role in the Sony Pictures project.
Smith also confirmed that he would be producing the film, with British actress Emma Thompson writing the script.
In 1998, Jay-Z sampled "Hard Knock Life" in his own song, "Hard Knock Life (Ghetto Anthem)".
Willow Smith is set to release her debut album on Jay-Z's label, Roc Nation, this year.
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