Cinema Confidential chatted with producer Walter Parkes who recently said that a Men in Black 3 is still possible:
As for another franchise the power couple have worked on in the past, Parkes reveals that discussions about resurrecting the “Men in Black” franchise have taken place as well. “There’s been some conversations, just recently actually, because I don’t think we did the best possible job on the second one. It would be great to pull the franchise back.”
Source: Cinema Confidential
