In a interview with The Hollywood Reporter, MIB producers Walter Parkes and Laurie MacDonald confirmed that not only is there a reboot in the works, but there are bigger plans for the franchise to continue on:
You produced Men in Black. Has there been talk of reviving that franchise with the new Sony regime?
PARKES: We’re in the middle of it. It’s very active.
Is Will Smith going to be part of it?
PARKES: Most likely no.
MACDONALD: It will be reinvented as a trilogy.