The actor begged director Michael Bay to helm a second sequel to the original 1995 film after they met on the red carpet at Sunday's MTV Movie Awards.
He told Bay: "We need Bad Boys 3. I was just watching Bad Boys 2 with my son and I told him you can't open a movie better. That's the best movie opening ever!"
However, he admitted to Hollyscoop that the project might not happen, joking: "Michael is too expensive now, he’s way too expensive."
Smith collected the best male performance award for I Am Legend at the event.
Bad Boys and its 2003 sequel starred Smith and Martin Lawrence as maverick narcotics detectives.