Though they'll have to convince Will Smith and Martin Lawrence to come back if they really want to earn the title and seduce the audience, Sony have booked David Guggenheim to script a draft of Bad Boys 3.
Guggenheim's two produced features to date are Safe House and the Nic Cage vehicle, Stolen. Neither film was particularly convincing, but I'll give him the benefit of the doubt until I see some of his pages and not just what they've ended up looking like on screen.
And, following that same train of thought, I assume the studio will also set about trying to woo Michael Bay, director of the first two installments, though Deadline say he's actually not at all involved at this point.
There are no hints as to what direction the film's storyline might take either, but that's probably of minimum importance. There will be some boys, they will be bad, now skip to questions of tone, humour and character.