Smith who portrayed the legendary boxer in the film earned an Oscar nomination for his work along with a best supporting actor nomination for Jon Voight who portrayed sports journalist Howard Cosell.
"With the passing of Muhammad Ali, we have received many requests for this film to return to theaters, in celebration of his life," said president of worldwide distribution for Sony Pictures Rory Bruer in a statement. "The film truly honors everything that made Ali one of the central figures of our time, a man who commanded his sport but whose personal faith and principles made him mean so much more. Muhammad Ali truly was The Greatest, and this tribute is a great way to honor him."
On Saturday, the actor paid tribute to Ali on Facebook writing, "You shook up the World! My Mentor & My Friend. You changed my Life," alongside photos of the two together.