Talks of a Men in Black III have been showing up quite a bit as of late, and the project has been gaining a lot of momentum. Last we heard, the star that could make or break a third flick, Will Smith, was choosing between returning to his alien-chasing suit and shades and a much less-visible family movie called The City That Sailed set up at his production studio.

Nothing is official yet and this could change tomorrow, but if you’re to believe franchise director Barry Sonnenfeld, who spoke to Showbiz 411‘s Roger Friedman recently, not only is Smith coming back for this trilogy-maker, but he’s actually already signed on! Sonnenfeld also shared that another huge question mark, Tommy Lee Jones, is ready to come back as well.

News that Will Smith was choosing between a family flick no one knows much about and returning for Men in Black III is still warm, but some pretty large-scale rumors are already materializing for the actor’s future.

It’s beginning to look more and more likely that not one, but possibly two sequels to Smith’s alien apocalypse movie Independence Day could be well on the way. This isn’t the first time rumors of these sequels have been heard, but the big elephant in the room was in fact paying the pile of money required to lure Smith back….something Fox was not willing (or perhaps able) to do.

Now comes word via IESB, who has a major scoop from a trusted source, that Mr. Will Smith is now actually locked in for both of these sequels. The news hasn’t been officially confirmed yet, but everything seems to make enough sense for this to be happening now.

There’s no question that Will Smith is one of the biggest stars on the planet. One of his many memorable roles is as Agent J in both Men in Black movies, so when word came around that a Men in Black III was on the way, it was clear that Mr. Smith had to be involved for it to work.

Not so fast, kids.

According to reports, Smith is staring into the eyes of a major choice. One option is to reprise his role as Agent J in MiB III, which brings a huge payday considering the first two films have made over a billion dollars worldwide, or he can star in a movie called The City That Sailed.

This is the easiest decision ever made for fans, who all seem ready and excited for some more fun alien pursuit action, but there are complications involved. Smith has been doing a lot of work lately as a producer through his own Overbrook Films, and it is Overbrook who just so happen to be be behind the development of City That Sailed before 20th Century Fox picked up the property.