Oscar Nominee Quvenzhané Wallis, 9, In Talks for "Annie"

According to Entertainment Weekly, 9-year-old Quvenzhané Wallis is in negotiations with Sony to star in the reboot of "Annie," the popular 1982 movie based on the long running musical. Wallis, who stole scenes and hearts in "Beasts of the Southern Wild," is the youngest-ever Best Actress nominee in Academy Awards history. She'd be playing Annie in the film, which revolves around the adventures of a pack of girls in an orphanage.

Apparently Willow Smith, daughter of Will Smith, was initially lined up for the principal role, but turned it down so she could enjoy her childhood. She allegedly told her father, "I have a better idea, how about I just be 12."

Wallis will find out on February 24 whether she'll also be breaking the record for youngest Oscar winner for Best Actress. She's got stiff competition with Jennifer Lawrence, Jessica Chastain, Naomi Watts and Emmanuelle Riva in the same category.

"Annie" will be directed "Easy A" director Will Gluck and boasts an all-star team of producers including Jay-Z, Will Smith and Jada Pinkett-Smith.