Insiders claim Netflix - which halted talks over a film of the actor's life in the wake of his Oscars slap scandal - is reportedly looking to reopen stalled negotiations and it has been reported that the slap has been included in those talks.
A source told The Sun earlier this week: "Will was left out in the cold by Netflix and Apple+ in the wake of the slap."
"He has since apologised and stepped out of the spotlight for a lengthy period. With this in mind it is broadly agreed enough time has passed to let the dust settle," adding, "It has been made clear discussions can be started again about a biopic which Netflix were interested in.
"Arguably, the slap, and the fallout, are pivotal moments in Will's life and will become part of the storyline of his life.
"Netflix wants to be part of those conversations and Will's team have no doubt Apple will follow suit."
The 53-year-old actor was seen in public for the first time earlier this month seen since he hit comedian Rock, 57, at this year's Oscars after the comedian make a joke where he compared Smith's 50-year-old wife Jada Pinkett Smith's shaven head to GI Jane's buzzcut.
The Fresh Prince of Bel-Air actor reacted by storming the stage and aggressively slapping Rock, before tearfully picking up the best actor award for his role in King Richard, about the father of tennis icons Serena and Venus Williams.
Smith lay low for weeks in the wake of the slap and was said to have travelled to India for a spiritual retreat.
He then issued an apology via video online last month and said he was "deeply remorseful".
The Academy Award winner grovelled: "I've reached out to Chris and the message that came back is that he's not ready to talk and when he is, he will reach out.
"So I will say to you, Chris, 'I apologise to you'. My behaviour was unacceptable and I'm here whenever you are ready to talk."
While the Grown Ups star did not directly address the incident at the Oscars at his gig in Atlanta in July, he continued to poke fun at the controversy on stage.
According to CNN, Rock joked at the gig: "If everybody claims to be a victim, then nobody will hear the real victims. Even me getting smacked by Suge Smith ... I went to work the next day, I got kids."
Rock later quipped: "Anyone who says words hurt has never been punched in the face."