Aladdin would mark the actor's first animated voice-over since appearing in DreamWorks 2004 comedy Shark Tale.
The film is set to be written by John August (Big Fish) with Dan Lin (Sherlock Holmes) producing. Jonathan Eirich is executive producing.
Interest in Aladdin comes after Disney was looking to Smith to star in their upcoming live-action adaptation of Dumbo from director Tim Burton however, the 48-year-old was forced to drop out of the film due to scheduling conflicts.
Aladdin is the latest Disney property to receive a live-action makeover following in the success of other live-action films such as Alice in Wonderland, Maleficent, Cinderella, The Jungle Book and the recently released Beauty and the Beast.
Smith will next be seen in Netflix's fantasy cop thriller Bright for Netflix while Ritchie is coming off of directing King Arthur: Legend of the Sword which arrives in theaters May 12.