Once one of the world's most popular actors, a series of flops have seen Smith's star dented. 2013's After: Earth was seen as a nepotistic attempt at launching Jaden Smith's career and it bombed at the box office, followed by poor critical and commercial reception for 2015's Concussion and Focus.
While Smith was seen as one of the few highlight's of last year's super-villain film Suicide Squad, the actor then starred in Collateral Beauty, which was savaged by critic's and flopped at the box office.
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• Movie review: Collateral Beauty
Smith hopes that Dumbo will come with a big box office return, similar to the success Angelina Jolie had with Maleficent, which made over NZ$1 billion at the box office.
The original Dumbo, about a circus elephant who discovers he can fly using his ears, came out in 1941. It is just the latest of Disney's classic animations to be rebooted, following the likes of Beauty and the Beast and Cinderella.
The script for Dumbo comes from Ehren Kruger, one of the writers of Transformers: Age of Extinction.
Smith is not the Oscar nominee eyeing the box office potential of a Disney movie, with Emma Stone recently signing up to play Cruella De Ville in a live action prequel.