Smith, 44, whose role in the 1996 alien-invasion blockbuster helped propel him to mega stardom, will not be appearing in the sequel as the director feels he is too expensive to afford, reported the Huffington Post.
"Will Smith can not come back because he's too expensive," Emmerich said.
Smith, whose latest film, 'After Earth' was a rare box-office miss, has been linked recently to several other blockbuster sequels and prequels, including 'Bad Boys 3', 'Hancock 2' and 'I Am Legend 2'.
Emmerich has not yet revealed about other actors from the original are returning or not.