Many fans have considered Will Smith slapping Chris Rock on stage during his monologue as an "iconic" moment in Oscars history, but The Academy is taking the situation seriously as they recently announced that they would make a big move after the incident.

According to The New York Post, the Academy of Motion Picture Arts and Sciences disapproved of the "King Richard" actor's actions.

"We have officially started a formal review around the incident and will explore further action and consequences in accordance with our Bylaws, Standards of Conduct and California law," the official statement reads.

This is the first time AMPAS has officially spoken out about the matter, although it tweeted on Monday, saying they do not condone any form of violence.

The recent statement comes almost a day after Smith slapped the comedian in front of a live audience after making a joke about his wife Jada Pinkett Smith's hairstyle, saying he can't wait for "G.I. Jane 2."

Per Us Weekly Magazine, the "Red Table Talk" host is open about her alopecia journey, which is the reason why she shaved her head.

After slapping Rock on stage, Smith went back to his seat and shouted, "leave my wife's name out of your f****** mouth," twice.

The Academy To Take Back Will Smith's Oscar After Slapping Chris Rock?

Later that evening, Will Smith was awarded the Best Actor award for his performance in the movie "King Richard," a film that revolves around tennis superstars Serena and Venus Williams' lives.

However, industry insiders suggest that the actor may be asked to give back his award after assaulting Rock on stage.

Per a Hollywood source, what Smith did was "assault," and it made everyone in the room "uncomfortable."

"I think Will would not want to give his Oscar back, but who knows what will happen now," the insider added.

Despite the source's information, an unnamed longtime Academy member told the outlet that they don't think Smith will be asked to return the statuette, but it's possible he won't return for next year's show to present the Best Actress for the ceremony, as is customary.

In addition, the member said they would have the actor's membership removed after violating the organization's strict code of conduct.

At the time of this writing, there is still no official confirmation whether the Academy will revoke the actor's award or not.

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