UPDATE:

A new report on this potential series contradicts it being a true Fresh Prince of Bel-Air reboot. EW says that while it's true that Will Smith is producing a new project that has "surface similarities" to The Fresh Prince of Bel-Air , including possibly being a fish out of water story, it's not in fact actually a new version of Fresh Prince. However, TV Line, who originally reported on the project and named it as The Fresh Prince of Bel-Air, has yet to change their story.

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Original story follows...A reboot of the popular 90s sitcom The Fresh Prince of Bel-Air is reportedly in the works.According to TVLine , original series' lead Will Smith is spearheading the project, where he will serve as executive producer via his production company, Overbrook Entertainment, alongside James Lassiter, Caleeb Pinkett and Jada Pinkett-Smith.The show is reportedly in the early stages of development, and will provide a modern-day take on the show that skyrocketed Smith's acting career, but still retain the spirit of the original show.Overbrook is believed to be finalizing its pitch now, which should begin making the rounds to networks within the next several weeks.Today happens to be NBC’s day at the TCA press tour and NBC chairman Robert Greenblatt was asked if he’d be interested in the new version of Fresh Prince of Bel-Air. Greenblatt actually hadn’t heard about the project yet, as news of it had just broken. But his first response was, “It’s something I’d be happy to talk to Will about, sure.”While Fresh Prince of Bel-Air aired on NBC, it came from Warner Bros. Television, though they were not mentioned in TV Line’s initial report.

Alex Osborn is a freelance writer for IGN. You can follow him on Twitter