Academy award winning actors Will Smith and Tom Hanks are top candidates for the live action version of the Disney classic Dumbo. But according to the latest update, it looks like Will smith will not be taking the title role. Tom Hanks will not play the main protagonist as well.

So what roles will the two actors play and who will be playing the title role?

Live-Action Dumbo Update: Will Smith's role

The camp of Will smith is now in talks with the head of Disney studios for one of the most coveted roles in one of the highly anticipated live action for one of Disney's most beloved classics, Dumbo. But the latest news is he is not up for the titular role. He will instead play the role of a dad to the children who befriended the iconic elephant.

Disney is rushing to make this film, HipHop DX reported. And what better way to get producer's approval faster than with the help of A-listers such as Will Smith himself? Live action genre is one of the biggest money makers in the film industry right now and there's no stopping Disney to earn the extra buck.

Not only that, since the actor's latest flick "Collateral Beauty" didn't fare well in the box offie, this live action, which will be directed by Tim Burton, is expected to have huge returns not only for the actor, but for the studio as well. It can be noted that Tim Burton is notorious in making mega successful live action movies. He directed the highest grossing live action to date: "Alice in Wonderland".

Although Will Smith's schedule is quite filled to the last these days, what with his upcoming "Bad Boys For Life" movie with Martin Lawrence, Dumbo will mark another milestone in his stellar career. If this discussion yields positive agreements, this will be the very first time that the actor will take on a live action role for a Disney classic.

Live-Action Dumbo Update: Tom Hank's role

Moreover, Smith isn't the only A-lister for a role in Dumbo. Tom Hanks is also in talks to play the villainous Ringmaster, Slash Film reported. But reports say he might turn down the role as another movie's script "The Grey Hound" is already on his reading table.

If Hanks chooses to stay with Dumbo, this will be a good part for him as people rarely see him as the villain. He normally plays archetype roles of flawed and great men. There's already speculation that the screenplay will focus more on the circus part of the classic and will add a unique family story that will somehow be a parallel to Dumbo's life story.