According to HollywoodReporter.com, there is a third installment to the "Bad Boys" franchise in the works.  Columbia Pictures will be developing the project, which is said to have the screenplay being written by Peter Craig.

"Bad Boys" features two detectives from Miami, Mike Lowrey and Marcus Burnett, played by Will Smith and Martin Lawrence.  The first two films were released in 1995 and 2003, respectively.

No one is signed on to star in the film as of yet, although original parties involved, such as director Michael Bay, producer Jerry Bruckheimer and stars Will Smith and Martin Lawrence, said that they would be interested if they could get a script going.