Smith, who starred in the original 2007 film, and Jon Mone, co-president of Westbrook Studios, will produce and James Lassiter will serve as the executive producer. Ryan Shimazaki will oversee the project on behalf of Westbrook Studios. The Black Panther star will also produce, along with Elizabeth Raposo via their Outlier Society banner.
As far as the plot goes, those details are still being kept under wraps. According to Deadline, which first broke the story, there's still no word on who will direct either since the project's still under development, but Oscar winner Akiva Goldsman -- who adapted Richard Matheson's 1954 novel for the 2007 blockbuster -- is attached to the project and will write the sequel's screenplay. Goldsman and Greg Lessans will also produce via Weed Road Pictures.
I Am Legend enjoyed monumental success when it premiered in 2007. The post-apocalyptic action horror film set in zombie-infested New York City grossed $256 million at the box office in the U.S. and $585 million worldwide. Smith and Jordan's movies alone have hauled in a whopping $12.3 billion worldwide.
The news of the sequel comes just weeks before Smith eyes his first ever Oscar win at the 94th annual Academy Awards. He's nominated for Best Actor and as a producer in the Best Picture category for King Richard, which nabbed six total Oscar noms.