Update (2/10/17): Deadline reports that talks between Disney and Will Smith have ended, with the actor apparently passing on the film.
Variety is reporting that Will Smith is in talks to join Tim Burton's adaptation of Dumbo for Disney. His role is being billed as the father of the children who develop a friendship with the lovable elephant after seeing him at the circus. The report indicates that Tom Hanks is also being considered to play the film's villain.
Both actors have potential conflicts with other films. Smith with Bad Boys for Life and Hanks with The Grey Hound.
Burton's version of Dumbo will feature a mix of animation and live-action. No release date has been announced.