The pair will executive produce the series for HBO, about Till, a 14-year-old African-American teen in Chicago who was brutally murdered in 1955 while visiting family in Mississippi, reported Entertainment Weekly.
Smith, 46 and Jay Z earlier collaborated produced last year's musical comedy-drama film "Annie", starring Jamie Foxx.
The series will also be executive produced by Jay Brown, James Lassiter, and Aaron Kaplan,
Currently no writers are attached to the miniseries. Roc Nation, Overbrook, and Kapital Entertainment are the production companies tied to the project.