The 34-year-old is said to be a huge fan of actor Burt Reynolds, who starred in the original film, and will take on the role of a bandit in the movie, reported Access Hollywood.
"Ashton is a huge fan of Burt Reynolds and the original 'Smokey and the Bandit'. He's seriously considering bringing the character and the story up to date with him as the Bandit but with Burt involved in some way," a source said.
The film has two sequels, "Smokey and the Bandit II", and "Smokey and the Bandit Part 3". There were also a series of 1994 television movie based on the film.