While Smith's participation on the upcoming twelfth season of America's Got Talent has yet to be made official, the website reported it's only a matter of days now until the network confirms the news.
America's Got Talent reportedly looked into Smith for the gig only after negotiations with actor and comedian Marlon Wayans fell through because he allegedly asked for too much money.
Wayans was reportedly NBC's first choice because of his popularity and past experience on the show as a guest judge, but representatives for both sides went back and forth for several days and couldn't reach a financial agreement.
Smith will cost less, according to TMZ, and likely blend in with the AGT family easier than Wayans could since the 44-year-old has developed a strong brand independent of the show.
Smith is best known for playing Li'l Danny Dawkins in Phil of the Future, Nico Harris in Sonny with a Chance and So Random!, Stubby in Starstruck, Lord of da Bling in Let It Shine, and Marcus in One Big Happy.
Despite NBC's initial desire to keep Cannon, 36, on its payroll for America's Got Talent's Spring 2017 edition, the rapper quit the show after feeling he was "publicly reprimanded and ridiculed" by his network bosses over a joke made in a recent TV comedy special on Showtime.
Cannon said in a statement last month his decision to leave the reality talent competition "hurts tremendously" but needed to be done in order to maintain his self respect since he was being "punished for a joke" and therefore "threatened with termination."
"NBC believed that I was in breach of contract because I had disparaged their brand... I find myself in a dark place having to make a decision that I wish I didn't have to, but as a man, an artist, and a voice for my community I will not be silenced, controlled or treated like a piece of property. There is no amount of money worth my dignity or my integrity," Cannon explained.
Cannon's joke that allegedly "disparaged" the NBC brand has not been confirmed; however, he claimed in his "Stand Up, Don't Shoot" comedy special that hosting America's Got Talent stole his "real n--ger card" and hurt his credibility in the black community.
Cannon told fans they only see his "tight suits" and "shiny shoes" side on AGT.
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The network reportedly viewed Cannon's skit as a violation of his contract since he's not allowed to talk about NBC without approval.