"I would definitely call Olympia my mini-me. She is mini-Serena," Serena says in the video.
"She's so cute. And she's so fun."
And Williams says she doesn't necessarily want Olympia to just follow in her sporting footsteps.
"I want her to do what she wants to do and what's best for her."
Stuart Weitzman revealed the launch of the Footsteps To Follow campaign on their instagram campaign.
Alongside a photo of the pair, the brand explained that the launch aimed to highlight how "every generation can inspire any generation".
"The next step for SW x SW is here.
"Introducing the Spring 2021 Campaign, Footsteps to Follow, starring Stuart Weitzman global ambassador Serena Williams and her daughter, Alexis Olympia Ohanian, Jr. in their first-ever fashion campaign together.
"Hope and optimism are central to every SW x SW campaign.
"Showcasing the powerful bond between mother and daughter in Footsteps to Follow highlights how every generation can inspire any generation – be it parents to children or vice versa – to step into each other's shoes and step into new worlds."
Serena and her young daughter are known to do everything together, with the proud mum previously revealing that Olympia has embraced a love of fashion at a young age.
She told E!: "I can't force her out of a princess dress. She gets so upset.
"She loves fashion, she loves wearing dresses and that's what she wants to do."