Smith, 42, and his 39-year-old wife of 13 years are said to have decided to end their marriage, said America's In Touch Weekly magazine.A spokesperson for the couple is yet to comment on the claims, however, some close to the couple are insisting the story is inaccurate.
The pair, who earned £20?million between them last year alone, have two children together - Jaden, 13, and Willow, ten.
It would be the second marriage to end for Smith, who divorced former fashion design student Sheree Zampino in 1995 after three years together.They have a son, Willard Christopher Smith, also known as Trey, who is now 18.
Will and Jada first met in 1990 when she auditioned for the his girlfriend on his hit TV show, The Fresh Prince.
Jada was a source of comfort for Will in the wake of his split from Zampino and in 1997, they married in a lavish ceremony at a mansion near her hometown of Baltimore in front 100 friends and family.
She was two months' pregnant with their son at the time.
Will and Jada certainly showed no signs of trouble during their interview with Architectural Digest magazine only weeks ago, in which they opened the doors of their luxury Malibu home and happily posed for an intimate family photo shoot.
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When describing the layout of the 25,000sq ft house, Will gushed that it had been designed with no 'dead ends… to create an infinite cycle that represented what Jada and I hoped for our love'.
Jada also told the magazine: 'We wanted to create a family retreat, something made by hand and as natural as possible, something that ties back to the land.'
She continued: 'Whatever it becomes, the craftsmanship will always represent our union and the love of our family.'
Will is one of the biggest film stars in Hollywood, with his blockbuster hits including Independence Day, I, Robot, Hitch, I Am Legend, The Pursuit of Happyness and I Am Legend.
The bride (and groom) wore white: The couple both dressed in Badgley Mischka for their 1997 nuptials. Jada was two months pregnant with Jaden at the time
The bride (and groom) wore white: The couple both dressed in Badgley Mischka for their 1997 nuptials. Jada was two months' pregnant with Jaden at the time
He has also had a string of music hits including the 1998 track Just The Two Of Us, which he dedicated to his first son Trey. The lyrics included: 'It didn't work out with me and your mom/But yo, push come to shove/You was conceived in love.'
Jada, who enjoyed success with her acting career early on, recently spoke of her decision to sacrifice her singing aspirations for the sake of her family.
In an interview with the August issue of Redbook magazine she claimed she even turned down a chance to perform with Guns & Roses to support her children's budding careers.
'It was excruciating, completely excruciating,' Jada said of her decision.
'When Jaden was auditioning for The Pursuit of Happyness, my band had just gotten an offer to open for Guns N’ Roses in Europe.'
'For me, that was unbelievable. But the choice was: I could be a rock star, or I could be on the set with my son to make sure he was healthy and happy. We all know how that story ended!'
Jada admitted she would rather be performing but she knows that her duty is to her children.
'I had to make choices. Believe me, I would still be on the road with my band, Wicked Wisdom, and making as many movies as I can a year, and doing all sorts of other things if I didn't have the responsibility of a family.'
'But I have children with their own talents and dreams, and I know I have to be standing next to them for that journey.'
Jaden this year become the highest paid child star in Hollywood - earning a staggering £2m from his role in The Karate Kid, which Jada produced.
Willow also enjoyed phenomenal international success with her debut single Whip My Hair last year and supported Justin Bieber on his UK tour.
Jada recently hit back at critics who branded her a pushy parent, insisting she was simply allowing her children to pursue their dreams.
‘Our children are allowed to stay in the paradigm of being a child,’ she said.
‘They don’t have to take care of their families: become the breadwinners, become the complete emotional, physical and financial focus that happens to many child stars.'
Jada recently landed a role in Hawthorne, a hospital drama in which Jada plays the newly-widowed chief nursing officer Christina, who juggles the demands of her career with bringing up a teenage daughter.
Will has been busy filming the third instalment of his hit franchise, Men In Black.
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