Smith, whose last solo album was released in 2005, and Kanye West were photographed in a recording studio together in Brazil last February.
"Oh, so you know. You've been paying attention?" the 46-year-old actor said in a recent interview.
"I did a fun thing with Jimmy Fallon the other night messing with music, so you know, I got the bug. I might see if I got one more in me."
Smith was the MC of the hip-hop duo DJ Jazzy Jeff & The Fresh Prince with his childhood friend Jeffrey "DJ Jazzy Jeff" Townes.
He starred in the TV series The Fresh Prince of Bel-Air. His films include Ali, The Pursuit of Happyness and the Men in Black movies.
"Over the years I've always recorded," he said. "... Yeah, tons of songs. But ... it's nothing I like. Recording will be a part of my life forever whether or not I feel that something is of the quality for public consumption."
His new film, the crime comedy Focus, will be in theaters soon.