The 46-year-old star - who launched his acting career in the lead role of the hit 90s sitcom - is reportedly in "the very early stages" of developing a present-day version of the show through his Overbrook Entertainment company, TVLine reports.
Sources say the company are currently finalising a pitch for the show, which will put a new spin on the fish-out-of-water saga, while "maintaining the spirit" of the original series, and will begin shopping the project around in the coming weeks.
Will would serve as executive producer on the show, alongside his Overbrook producing partners James Lassiter, Caleeb Pinkett and wife Jada Pinkett-Smith.
It is not yet clear whether the new show will be a straight reboot or a revival/continuation of the original series, which ran for six seasons before ending in 1996.
'The Fresh Prince of Bel Air' originally ran on NBC, but at the Television Critics Association summer press tour in Beverly Hills yesterday (13.08.15), NBC Entertainment Chairman Robert Greenblatt said the network were not involved in the new show.
However, he added: "We would be happy to talk to Will [Smith] about it."