Will Smith is set to star in the long-delayed adaptation of the Richard Matheson novel "I Am Legend," Variety reports.

Set in post-apocalyptic New York, Matheson's story centres on an Earth plagued by a vicious blood disease that turns all of its victims into vampires. Smith survives the plague, and is left to battle the mutants and save the world.

The film came closest to getting made in 1997 with Ridley Scott at the helm and Arnold Schwarzenegger as the star, but due to budget concerns, was shelved.

"I Am Legend" is scheduled to begin shooting in 2007 in New York.