Bobby Canavale has joined the cast of 'Annie'.
Cannavale will play a ruthless political advisor to Foxx's Benjamin Stacks - a modern day interpretation of the Daddy Warbucks character - as he runs for mayor.
The film centres on an orphan girl named Annie (Wallis), who is eventually taken in by the billionaire character.
Diaz is expected to play Miss Hannigan, the mean owner of the orphanage Annie lives in, and 'Bridesmaids' actress Rose Byrne will play Olivia, Stacks' assistant-turned-love interest.
'Annie' is being directed by 'Easy A' helmer Will Gluck based on a script by 'Nanny McPhee' scribe Emma Thompson.
The movie - produced by Will Smith and Jay Z - will put a fresh spin on the family-favourite tale, which was originally adapted from a newspaper comic strip into a musical in 1977, followed by a popular film in 1982.
The project has been in the pipeline since 2010 when Smith and Jay Z conceived the film as a starring vehicle for Smith's young daughter, Willow, but she decided to abandon the lead role last year.
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