We've known for some time now that Columbia Pictures was prepping up for a third Men In Black film. There have been unconfirmed reports that Josh Brolin (No Country for Old Men) has already been cast in the film as a possible new agent, and now there are rumors that the studio is interested in bringing on Sacha Baron Cohen (Sweeney Todd, Bruno) and Jemaine Clement (The Flight of the Conchords) to play a character named Yaz, which is most likely a new alien type character, like Johnny Knoxville's character Scrad in MIB 2. It can't be an agent because the agents only go by one letter names like J or Q. Plus both these actors are known for being strange and wacky so it would make sense that the role would be for an alien type character or just a crazy person. There's no deal in place yet, so as of right now it's only a rumor.
Men in Black 3 was written by Etan Cohen (Tropic Thunder, Igor, Idiocracy) and shooting is supposed to start up in this spring. Will Smith is expected to reprise his role in the film, but there's still no confirmation of that. Also, the original MIB director Barry Sonnenfeld is tentatively attached to come back and direct MIB 3. It should be interesting to see where they take the characters in this new story. And don't be surprised if the movie is released in 3D.