Speaking to Radio 1's Chris Moyles, the 43-year-old actor revealed producers are working on I Am Legend II but that he was unlikely to take part.
When asked if he would be involved, Smith said: "Probably not.
"Producers are working on it. I'm not actually working on it.
"If it's great, I'm into it. I don't want to be the sequel guy. I figure I've got about six or seven more years."