Will Smith may pull out of 'Men In Black 3'.

The 41-year-old actor, who has played the role of Agent Jay in the last two installments in the series, has to decide between making a third film in the alien franchise or work on fantasy adventure 'The City That Sailed', according to Variety.

Director Barry Sonnenfeld has signed up for 'Men In Black 3', but 'The City That Sailed' has yet to find a director - the story was created by 'Truman Show' writer Andrew Niccol.

The fantasy movie tells the tale of a New Yorker whose daughter lives in the UK. The young girl discovers magic candles in London, which allows her to wish for anything she wants, however, when she wishes to be closer to her father, the island of Manhattan begins to sail across the Atlantic Ocean.

If Will were to choose 'The City That Sailed' over 'Men In Black 3' it would be something of a gamble - the past two films have grossed a combined $1 billion worldwide.

Will has been lying low recently, and has not appeared on the big screen since 2008's 'Seven Pounds'.