JADEN SMITH IS THE NEW 'KARATE KID': After months of rumors, Columbia Pictures finally makes it official

Columbia Pictures has announced that Jaden Smith, the son of Hollywood titan Will Smith, will star in an all-new version of "The Karate Kid," based on the 1984 hit film led by Ralph Macchio.

The movie will be produced by Jerry Weintraub (who launched the original franchise) and Will Smith's Overbrook Entertainment, along with his partners James Lassiter and Ken Stovitz, reports Variety.

The project, written by Chris Murphy, will begin shooting 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 Smith, who next stars in "The Day the Earth Stood Still," practices martial arts as a hobby.