Will Smith's son Jaden is the new 'Karate Kid'

Jaden Smith, the actor son of Hollywood icon Will Smith is to star in a remake of the hit 1984 film "The Karate Kid," entertainment industry press reported Tuesday.

The original movie brought fame to Ralph Macchio and made the saying "wax on, wax off" commonplace. The film spawned two sequels starring Macchio and Morita, as well as a third instalment in 1994 "The Next Karate Kid," starring future best actress-Oscar winner Hillary Swank.

Jaden Smith, 10, made his feature film debut alongside his more famous father in the successful 2006 hit "The Pursuit of Happyness."

The new film will be produced by Jerry Weintraub (who launched the original franchise) and Overbrook Entertainment's James Lassiter, Will Smith and Ken Stovitz.

The script is being written by Chris Murphy, and the film will shoot next year in Beijing and other cities. While the new film will be set in that exotic locale, it will borrow elements of the original plot, wherein a bullied youth learns to stand up for himself with the help of an eccentric mentor.

Jaden already takes martial arts classes, so the role should be a perfect fit. The young Smith is currently busy with his next film "The Day the Earth Stood Still."