http://www.ign.com/articles/2014/12/10/sony-planning-a-jump-street-men-in-black-crossover

Internal communications from Sony Pictures reveal the studio's ambitious plan to do a crossover of their Jump Street and Men in Black franchises.

The leaked emails between execs and talent, including Jump Street stars Jonah Hill and Channing Tatum, reveal that all involved are eager to make it happen. The crossover would also essentially "reinvigorate" the MiB franchise after the lukewarm response to Men in Black 3.

The Wall Street Journal reports that Jump Street makers Chris Miller and Phil Lord are producing the crossover movie and may also direct it. Sony wants the film fast-tracked for a 2016 or 2017 release.

(UPDATE: The movie will likely not involve Will Smith and Tommy Lee Jones.)

ia WSJ: "In an e-mail to (studio boss Amy Pascal), Mr. Hill says 'jump street merging with mib i think that’s clean and rad and powerful.' In another e-mail, Hannah Minghella, a president of production for Sony’s Columbia Pictures label, says of the joint sequel, 'We don’t have a script yet so we’ll be greenlighting the movie off the concept and the talent involved.'”

The powers that be are also seeking the participation of MiB exec producer Steven Spielberg on the crossover/merging of the two franchises.