News that Will Smith was choosing between a family flick no one knows much about and returning for Men in Black III is still warm, but some pretty large-scale rumors are already materializing for the actor’s future.

It’s beginning to look more and more likely that not one, but possibly two sequels to Smith’s alien apocalypse movie Independence Day could be well on the way. This isn’t the first time rumors of these sequels have been heard, but the big elephant in the room was in fact paying the pile of money required to lure Smith back….something Fox was not willing (or perhaps able) to do.

Now comes word via IESB, who has a major scoop from a trusted source, that Mr. Will Smith is now actually locked in for both of these sequels. The news hasn’t been officially confirmed yet, but everything seems to make enough sense for this to be happening now.

Back in October of 2009, Latino Review was the first to discover that this was possible. 20th Century Fox CEO Tom Rothman made it clear that he would absolutely want to do a sequel to Independence Day if director Roland Emmerich wanted to. In speaking with Emmerich, he confirmed that they did indeed have a story, and that it was just up to Fox figuring out a money deal to lock him and Smith. Emmerich even claimed in that talk that Smith wanted to do it.

The only problem was that Will Smith costs unbelievable amounts of money. He’s statistically the most successful name to have latched on to your film when it’s released, and because of this he totes a $20 million per movie price tag, plus a percentage of the box office take. At first, Fox actually asked Emmerich to try and do it without Smith, but to the director’s credit, he silenced that very quickly. Emmerich hasn’t made many fans with his movies since ID4, but at least he knows enough to know you don’t do sequels without your golden boy.

Now that Fox has this little flick called Avatar making astronomical amounts of money for them and a DVD release coming up next month, they certainly have the money to be making some big moves, which could include both of these sequels and all the Will Smith they can handle.

In November of 2009, MTV was able to sit down and find out that this possible sequel was actually two movies, and that Emmerich wanted to film them both together — the same method used on Lord of the Rings, Harry Potter, and Pirates of the Caribbean. At that time, a possible title for the pair was ID4-Ever Part 1 and Part 2, but if they’re going to do this, that needs to be changed for all of our sakes.

According to the source, this could very well get moving as soon as 2011, and we could have our first new dose of Independence Day by 2012. This would allow for Smith to choose between The City That Sailed and Men in Black III as mentioned at the start of this post, film that, and then move into this.

So what do you think; does this news excite you? I love ID4 and have not much loved anything Emmerich has done since, so I’d personally be interested in seeing what they came up with.