The 'Karate Kid' star will appear as a younger version of the rapper in 'Omniverse', which will explore the "many doors of perception" and focus on the concept of ego, through the lens of an alternate reality version of the 'Stronger' hitmaker.
Kanye will also executive produce the Showtime anthology series alongside his manager Scooter Braun. Lee Sung Jin is also attached as an executive producer and a writer on the half-hour show.
Lee is "honoured and thrilled" to be involved in the show.
He said: "I'm honoured and thrilled to be collaborating with everyone involved to present an alternate world through the eyes of a young man somewhere in the multiverse who happens to also be a Kanye West.
"'Omniverse' is not set in our world nor about our world's Kanye West as we aim to add a new spin on alternate realities, consciousness, and push the limits of half hour narrative."
Both Jaden and his sister Willow - the children of Will Smith and Jada Pinkett Smith - kickstarted their own careers in showbiz from an early age, but their mother recently insisted she believes it was crucial for her kids to learn how to "grind and work hard" and not take their "affluence" for granted.
She said: "As much as people got on me in regards to having them work early, I did not want them to grow up thinking that because they were in the midst of affluence that they did not have to grind or work hard on their own.
"[Working at an early age] got them a taste [of hard work], and they really had a lot of respect for their parents in regards to what we were doing."