There’s actually going to be two Bad Boys sequels (to be released for Sony in 2017 and 2019), but not many moves have actually been made with the production, according to the A.V. Club, so Smith might not want to be involved in a halted process.
If Smith does decide that he wants to be a part of the movie, it’s predicted that it will be in a producing capacity. It’s also reported that Michael Bay (who directed the first two action flicks) won’t be behind the camera the third time around, and Smith may not be too into that either.
Either way, the movies are coming, so be on the look out.
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