Will Smith and Martin Lawrence.Photo: Will Smith/Instagram

Will Smith and Martin Lawrence Confirm Bad Boys 4 Is in the Works: ‘It’s Official, Y’all!'

Bad Boys 4is officially happening!

Franchise starsWill SmithandMartin Lawrenceshared the news on their respective Instagram accounts Tuesday, posting the same video that they each captioned, “IT’S ABOUT THAT TIME!”

“I wish I was you not knowing what I’m about to show me,” Smith told the camera.

Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human-interest stories.

Upon arriving at his costar’s home, Smith greeted Lawrence, 57, who opened the door and asked with a smile, “It’s about that time?”

After the two cheered and embraced, Smith turned the camera on them both and confirmed jubilantly, “It’s about that time!”

Smith held up four fingers, seemingly confirming that the movie would be calledBad Boys 4 Life— but Lawrence was quick to remind his friend that the third film was already calledBad Boys for Life.

“We shouldn’t have called it that, though. “The 3 was the ‘e,’ " said Smith, adding with a laugh, “But this isBad Boys 4. It’s official!”

RELATED VIDEO: Charles Melton Had aPursuit of HappynessMoment withWill Smithon Set ofBad Boys for Life

The news comes after Lawrence said in a July 2022 interview withEbonymagazine that he’s"got one more"installment in the pipeline, “at least,” of the action-comedy series.

The franchise kicked off with 1995’sBad Boysand has so far produced two sequels alongside Smith. Combined, the three films made more than $840 million at global box offices.

News of the fourth movie comes after Smith made headlines for slappingChris Rockin the face at the 2022Academy Awardsback in March 2022. According toEbony, Lawrence “dismiss(ed) speculation” that the nextBad Boyswas canceled as a result of the incident.

Of the original, the latter reflected, “For us to come together and prove that we can deliver, and we can pull people into the box office — that two Black stars, two sitcom stars, could make money at the box office [was huge].”

source: people.com