Wallis, 9, is the youngest person in history to be nominated for an Academy Award for Best Actress. She was nominated for her work in "Beasts," a film nominated for best picture, director and adapted screenplay at the 85th Academy Awards.
The remake of the classic musical has been in development for years and was first reported to star Willow Smith, the Smiths' daughter and "Whip My Hair" artist.
Wallis' role as Hushpuppy in "Beasts" features some of the same tenacious qualities as "Annie."
The film will be produced by the Smiths and rap mogul Jay-Z, and Wallis will take cues from director Will Gluck ("Easy A"). Other announced stars include Michael Fassbender, Brad Pitt, Paul Giamatti and Paul Dano.