The 48-year-old actor has reunited in this film with "Suicide Squad" director David Ayer, confirmed The Hollywood Reporter.
The film, which also stars Joel Edgerton, is based on a world where magical creatures and humans coexist.
Smith will be seen essaying the role of a human cop, who works in the police's division for handling crimes involving magic.
While Edgerton plays an Orc (a type of magical creature) to find a potent wand that evil forces are willing to kill for.
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