The 46-year-old actor said he'd been working on something with the rapper as he gave an update on his upcoming music in a recent interview on his son Jaden Smith's Beats 1 radio show MSFTS Frequency, reported Ace Showbiz.
Will has been hinting at new music since earlier this year, when he said he'd hit the studio with Kanye West.
"I'm not sure what I'm going to do yet but I'm exploring. I'm in a creative ceiling," he told a reporter during a premiere of his film "Focus" last February.
Will put out his latest album Lost and Found in 2005. While Drake hasn't said anything about the collaboration with the superstar, he has hinted at another project with another Smith.