By Jeff Labrecque
December 08, 2010 at 10:02 PM EST

The Wachowski siblings, Andrew and Lana (né Laurence), are gearing up for their next project: A modern, urban retelling of the Robin Hood legend, titled Hood. The Wachowskis wrote the script and would co-direct, as first reported by the Hollywood Reporter‘s Heat Vision Blog. Will Smith, who famously turned down the role of Neo in the Wachowskis’ The Matrix (to make Wild Wild West instead), is reportedly being considered for the lead role.