'Collateral Beauty' - European Premiere - Red Carpet ArrivalsDisney is reportedly circling two huge names for its upcoming live-action remake of animated classic "Dumbo," with both Will Smith and Tom Hanks allegedly in consideration for key roles in the flick.

First up is a report from Deadline, indicating that the Mouse House wants Smith to star in the film, which is being helmed by Tim Burton. The trade didn't provide any details about what role Smith may play, though apparently Disney is "moving aggressively" to begin shooting as soon as possible.

That may pose a problem for "Bad Boys for Life," the long-awaited sequel which is currently prepping production with Smith and co-star Martin Lawrence. According to Variety, if Smith does take on "Dumbo," it could have "a significant effect" on the threequel.

"If Smith is leaning toward 'Dumbo,' the start date for 'Bad Boys 3' would be pushed back or the film could be shelved entirely," Variety reports.

The trade had a bit more intel about who Smith might play, with the star being eyed to portray "the father of the children who develop a friendship with the lovable elephant after seeing him at the circus."

Variety also had some scoop about another major star who could join the flick: Tom Hanks. The trade reports that Hanks has already been offered the role of the film's villain, though he, too, is considering starring in another feature instead, the WWII drama "The Grey Hound."

Despite the uncertainty surrounding their casting, teaming the two A-listers would certainly make sense for Disney, which has been courting some big names for its recent parade of live-action remakes. We'll have to see if this particular combination pans out.

[via: Deadline, Variety]