Like the original adventure sport, the heli-bungy was pioneered by Kiwi dare-devil A J Hackett.
In 1990, Hackett jumped 390m from a helicopter above the French province of Normandie. The 'first commercial helicopter bungy' was opened to the public in 1993 and has had over 3000 jumpers.
However, paying punters will have to travel all the way to Germany to take the leap.
The last heli-bungy to take place in New Zealand was undertaken by bungy co-founder Henry Van Asch in May this year. He jumped 500ft from a bright red helicopter into Dunedin's harbour.
"I've done a few heli-jumps in the past but I'd almost forgotten what it's like,'' he told the Otago Daily Times, once safely back on dry ground.
This was hardly the 6,093ft into Arizona's Grand Canyon that Smith is attempting, but I'm sure it was still just as thrilling.
Will Smith's jump is set to take place at 3pm Pacific Time and can be viewed on YouTube.
The current record for helicopter bungy is held by A J Hackett, at a height of 2,300feet.
A record which may soon be beaten by Will Smith.
How to survive a helicopter bungy jump
Here are our top tips for Will and anyone attempting a heli-bungy for the first time:
1.Fall don't jump. Jump is a bit misleading. With a set of rotor blades overhead, it's best to just lean into the drop. Trust us, from 500ft you'll not miss the extra couple of inches.
2.Jump wet or stay dry While the ultimate aim of a jump over water is to go for a dunk, the mathematics behind this is extremely complicated. Then there is an added complication of jumping from an unfixed point – the helicopter. It's safer just to go for dangle.
3. Smile Enjoy it! It'll be over before you know. From 500ft you'll only experience about 8 seconds of free fall. Make the most of the moment.