We know that Natalie will be producing Booksmarts, but its not known yet whether Natalie might also act in it. This German report suggests that Natalie will also play a part, but I think we need to take that with the biggest grain of salt the world has ever seen.
European sites don’t tend to have a very good record when it comes to breaking news about American films, and this is probably just a case of their misunderstanding the original announcement.
Besides, a week ago I asked a source if there were any plans for Natalie to act in the film. I was told “not at this time.”
Still, I hope she does. If for no other reason than it makes updating her filmography a bit easier.