Speaking to MTV, Lawrence disclosed that all the key players from the first two movies - including producer Jerry Bruckheimer - are keen to revisit the franchise.
"It's real realistic. We've talked about Bad Boys 3," he said. "Any time you can get Big Willie to come out and talk about doing a third instalment of a hot movie like Bad Boys, you have to take notice. I met with Michael Bay, and he said he's onboard too - so it's real."
He continued: "I got Big Willie to come down and see me about the movie. I felt special. We're just waiting on Jerry Bruckheimer to let us know when it's really real."
Peter Craig is currently working on a script for Bad Boys 3.