As much as I want it it has been in the pipeline since the 2nd.

Eh... idk. Will's only had four movies in the past six years. :l Two of which bombed horribly. After Earth and Winter's Tale. And one of which was only a cameo, Anchorman 2: The Legend Continues. Men in Black 3 did great but Will said he's done with that franchise and "might" consider a MIB4. Why he'd do that is beyond me.

It's safe to say they could both use this. x) I hope they both do it. It's the only Micheal Bay franchise i've ever truly enjoyed. Although if Will forces his son into this, then i'm out.

Lots of rumors, Will was even saying that Hancock 2 was coming at one point.

However Will Smith has turned down Independence Day 2, at least so far. It's supposed to release in 2016.