Screenwriter Peter Craig has been hired to write the follow-up. However, stars Will Smith and Martin Lawrence have not signed on to the project, which is still in the early stages, according to The Hollywood Reporter.
Michael Bay, who directed the first two films in the franchise, has also not committed to helming the action movie about rogue narcotics agents.
The first Bad Boys grossed $66 million (£41m) domestically and $141m (£87m) worldwide, while the 2003 sequel earned $273m (£169m) at the global box office.
Smith recently said that he has begged Bay to make a third chapter in the franchise.