The actors have been trying to turn their dreams of a third instalment of the action comedy into a reality for years, and in early October, studio chiefs at Sony Pictures were said to be close to signing off on the project, 15 years after "Bad Boys 2" hit theatres.
On Thursday, November 01, Will and Martin teamed up to announce the sequel is now official.
"Yo, yo, I'm telling y'all... this is crazy. Wait, just wait...," Will teased at the start of his Instagram video, which was shot on a beach.
Martin then stepped into the camera frame, as the "Men in Black" star excitedly declared, "It's official, it's official, baby! Bad Boys 3, it's happening!".
"We're making it happen," smiled Martin.
The longtime pals didn't share any further information about the movie, as Will cut short the clip before they could spill any secrets.
"Yo, that's it, no more, y'all can't handle no more of that (sic)," he quipped.
In the accompanying caption, Will wrote, "It's been a LOOOONG (sic) time Coming. But now it's Here! @BadBoys For Life. We back!! @martinlawrence".
"#weridetogetherwedietogether," commented Martin as he quoted a line from "Bad Boys 2".
The film, tentatively titled "Bad Boys for Life", will feature Will reprising his role as Miami Police Department Detective Mike Lowrey, opposite Martin as his partner, Detective Marcus Burnett.
It's not yet known if Gabrielle Union will be involved in the new movie, but she 'liked' the Instagram post.
The actress was introduced as Martin's onscreen sister, Special Agent Sydney 'Syd' Burnett in 2003's "Bad Boys 2". She is currently shooting a TV spin-off, set in Los Angeles.
A director for "Bad Boys For Life" has yet to be confirmed, but filming is expected to begin in early 2019.
The franchise, which began with "Bad Boys" in 1995, has been a big hit so far, grossing over $400 million (£307 million) at the global box office.