Steven Spielberg is set to produce a 'Men In Black' spinoff.

Steven Spielberg

Steven Spielberg

The legendary director - who was an executive producer on the original trilogy - is developing a new take on the franchise, with 'Iron Man' writers Matt Holloway and Art Marcum penning the script, according to The Hollywood Reporter.

While the original movies featured Agents K and J, played by Tommy Lee Jones and Will Smith, the spinoff will focus on new characters.

The project already has a May 17, 2019 release date.

Meanwhile, 'Men In Black' director Barry Sonnenfeld previously revealed he tricked Chris O'Donnell into turning down a lead role in the original movie.

Chris had been singled out for the part of Agent J in 'MIB' by Spielberg who was producing the sci-fi action film through his company Amblin Entertainment.

However, Sonnenfeld knew he wanted Will and cunningly convinced O'Donnell not to take the role.

He said: "Steven Spielberg told me I had to go to dinner with Chris and convince Chris to be in the movie. I knew I wanted Will Smith, so I told Chris that I wasn't a very good director and I didn't think the script was very good and if he had any other options he shouldn't do 'Men In Black'.

"He let it be known the next day that he was not interested."

And Sonnenfeld recently revealed his wishes for a fourth movie in the franchise.

He said: "I wish there were a fourth film. I don't think Will Smith nor I would be involved. But I love the franchise, because I developed it and created it."