In development since 2009, the film has been working on a deal with Will Smith, but the $50 million that he asked for, along with director Roland Emmerich's salary, is just too out of budget for Fox. Emmerich along with producer/writer Dean Devlin, are reportedly tightening up the script and delivering a copy to Fox by Mid-December.
The sequels will be only one storyline, but are said to be strong enough to hold their own individually.