According to the producing duo, the plan is to make a reinvented "Men in Black" trilogy, reported Ace Showbiz.
When asked about the possibility of reviving the franchise, Parkes said, "We're in the middle of it. It's very active."
He also hinted that Smith was unlikely to be involved in the possible "Men in Black" revival.
The last film, "Men in Black 3", was a commercial success, grossing USD 624 million at worldwide box office when it was released in 2012.