The long rumored Men in Black 3 is finally set to enter development. Columbia has signed Will Smith to return as Agent Jay, along with other veterans of the series in director Barry Sonnenfeld and producers Walter F. Parkes and Laurie MacDonald.

Tommy Lee Jones is currently negotiating to return as Agent Kay and Josh Brolin is in talks to play a younger version of the character. Their involvement is apparently dependent on the script, which is reportedly now being ironed out between Etan Cohen (Tropic Thunder) and David Koepp (Mission: Impossible, Spider-Man, Angels & Demons).

Men in Black 3 will be filmed in 3D and open May 25, 2012.

Source: The Hollywood Reporter