Global superstar Will Smith has taken quite a bit of time to decide his next film since "Seven Pounds" hit theaters in Dec. of 2008.  After a sabbatical which included producing his son Jaden Smith's upcoming remake of "The Karate Kid," Smith has finally decided to return to the big screen by dusting off his black shades for a third installment of "Men in Black."

Sony Pictures announced today that "Men in Black III" will begin production this fall and be released in 3-D.  According to the studio, Tommy Lee Jones is in advance negotiations to reprise his role as Agent Kay and Josh Brolin is in talks to star as a "young" Agent Kay.  Whether that means the third installment will involved time travel is unclear.

Barry Sonnenfeld will return for a third go around to direct the film which will be based on a screenplay by Etan Cohen ("Tropic Thunder").

Fans, however, will have to wait awhile to get their "Men in Black" fix.  The new adventure won't hit theaters until almost two years from now, on May 25, 2012.

In a statement, Sony Pictures Chairman Jeff Blake proclaimed, "Sony's summer of 2012 will get off to a red hot start with an incredible new 3D adventure for the Men in Black. We couldn't be more excited that the original filmmaking team responsible for the first two worldwide hits is reuniting for this third installment. We love where the story is taking Agents Jay and Kay and know this new chapter will deliver a fresh fun twist for fans of the franchise while also introducing the Men in Black to a whole new generation of moviegoers.”

There have been reports Smith has also signed up for another "Bad Boys" sequel, but the studio had no official comment on that today.

Look for more updates on this story as it develops on HitFix.