The pair will set out on a hunt for the world's best DJs.
Speaking about the new venture, Matrix Reloaded star Pinkett-Smith says: "This show will comb the world to find a new breed of talent."
And reality show veteran Cowell, who has been developing the series for over a year with his production team at SYCO Entertainment, admits he's thrilled to work with the multi-talented beauty: "As soon as I met Jada and Miguel (her associate)... I knew they would be our ideal partners... DJs are the new rock stars. It feels like the right time to make this show."
The programme has yet to be given a name or premiere date, but will air in both the US and the UK.