Will and Jaden Smith are remaking an '80s classic!

ET confirms that the father-son team is on hand to craft an updated version of the 1984 blockbuster 'The Karate Kid.'

The duo shared the screen in 'The Pursuit of Happyness.' This time around 10-year-old Jaden will star, while his father will produce alongside original franchise developer Jerry Weintraub.

The movie will be set and filmed in Beijing -- unlike the original, which took place in California. The basic plot, however, will be the same: a bullied youth learns to stand up for himself with the help of an eccentric mentor.