"Bad Boys 3" is scheduled for Feb. 17, 2017, while "Bad Boys 4" will come out on July 3, 2019.
According to The Wrap, there are plans to release two more Bad Boys movies, although the director of the two movies and the main star in both "Bad Boys" film are still unknown.
According to Cinema Blend, Sony hired Joe Carnahan to draft "Bad Boys 3" and the studio was anticipating having the movie ready for shooting this fall. The idea emerged from the fact that Will Smith will soon be winding up his role on "Suicide Squad", and Sony wanted a possible option for Smith to feature.
Now that it is certain that "Bad Boys 3" will be released in 2017, it is possible that this is the shift that Sony is embracing, and speculations are that Will Smith agreed to participate in the production,. Furthermore, Martin Lawrence would likely return to take part in the two movies.
In case there will be a change, it may turn out that Sony is right about the possibility of Joe Carnahan to direct the two movies apart from writing the script.
Carnahan may not have a good background on intellectual properties, but his previous words, "The Grey" and "Narc," showed that he has potential to direct films. His last feature is "Stretch," which is a dark comedy-thriller that went straight to Video On Demand.
Meanwhile, "Bad Boys 1 & 2" franchise launched with Michael Bay being teh director, but it appears like there will be a clear likelihood that he will not direct "Bad Boys 3 & 4."