Sandra Bullock

Sandra Bullock

Sandra Bullock is in talks to star in 'Annie'.

The 'Heat' actress is in "early" negotiations for a role in Sony's updated version of the classic musical about an orphan girl, playing Miss Hannigan, the mean-spirited owner of the orphanage Annie lives in, according to TheWrap.com.

Nine-year-old star Quvenzhane Wallis - who became the youngest ever actress to receive a Best Actress nomination at the Oscars earlier this year for her role in 'Beasts of the Southern Wild' - is set to play the titular character in the new adaptation, which will be produced by actor Will Smith and rapper Jay-Z.

Bullock would join fellow Academy Award winner Jamie Foxx in the flick, as the actor has signed on to play Benjamin Stacks, a modern day incarnation of the Daddy Warbucks character.

As well as its impressive pedigree on screen, the film boasts several big names behind the scenes, also.

The musical is set to be directed by 'Easy A' helmer Will Gluck based on a script from 'Nanny McPhee' writer Emma Thompson, while co-producer Jay-Z will score the film.

Additionally, Smith will produce with his wife Jada Pinkett-Smith through their production firm Overbrook Entertainment.

The project has been in the works since 2010 when Smith and Jay-Z conceived the film as a starring vehicle for Smith's young daughter, Willow, but the singer-and-actress decided to walk away from the role last year.

'Annie' will begin production later this year for release in 2014.