Will Smith and Michael Bay are gearing up for Netflix's Fast and Loose

Almost 30 years after “Bad Boys” hit theaters, Will Smith and Michael Bay are planning a reunion. Bay is currently in negotiations to direct the action film “Fast and Loose” for Netflix, in which Smith is set to star.

“Fast and Loose” is about a man who wakes up in Tijuana with no memories. As he reconstructs his past, he learns that he has led two lives: one as a crime boss and the other as an undercover CIA agent.

Jon Hoeber, Erich Hoeber, Chris Bremner and Eric Pearson wrote the script. Producers include Smith, Kelly McCormick and David Leitch for 87North. Co-president and head of film Jon Mone and Ryan Shimazaki are currently in negotiations to produce for Westbrook Studios and James Lassiter.

Executive producers are Robert Simonds and Noah Fogelson for STXfilms and Barry Waldman.

Bay and Smith first worked together on 1995's “Bad Boys,” which was Bay's feature film directorial debut. The film was a commercial success and spawned three sequels: Bad Boys II, Bad Boys for Life and Bad Boys: Ride or Die.

Smith won an Oscar in 2021 for his role as Richard Williams in “King Richard.” In 2022, he starred in Apple's “Emancipation.” He will next be seen in Sony Pictures' sci-fi thriller Resistor, based on Daniel Suarez's 2014 novel Influx.

Bay, whose film credits include the “Transformers” franchise and “Pearl Harbor,” is in talks with former Paramount Pictures president Adam Goodman about developing the animated Internet meme “Skibidi Toilet” for television and film. His first documentary, “Born Evil: The Serial Killer and the Savior,” will premiere on Labor Day on Investigation Discovery. Bay is represented by Range Media Partners.

Deadline was the first time the news was reported.