Well, it seems that Sony is looking to hire the writers of “Safe House” to cook up another sequel to the Bad Boys franchise. In particular, they are scouting David Guggenheim to draft the script. So far, this is the only word regarding another movie, and it’s still very unclear whether Martin Lawrence or Will Smith will sign on.
According to Complex:
… up in the air is who will direct the film. Michael Bay hasn’t openly expressed interest in returning to the franchise, even though Jerry Bruckheimer is still attached to produce. It might be easier to find a director to commit if both Smith and Lawrence agree to come back, but until that happens, fans of the franchise might be in for a long wait.