The 49-year-old actor teased the sequel during his appearance on Conan Wednesday. Lawrence said development is underway, and offered to suggest host Conan O'Brien for a cameo in the film.
"I just talked to [producer] Jerry Bruckheimer yesterday and he said it's real," the actor revealed. "They're working on the script, they're getting close and it all looks good."
"I will mention it to [original co-star] Will Smith and Jerry Bruckheimer that Conan wants a cameo," he joked. "We wanna cast you in it. You know what you could play? A crooked cop on crack."
Lawrence portrayed Marcus Burnett alongside Will Smith as Mike Lowrey in Bad Boys (1995) and Bad Boys II (2003). The characters are best friends and detectives assigned to major drug busts by the Miami Police Department. The first film grossed over $141 million, while the second raked in over $273 million.
Lawrence currently stars with Kelsey Grammer on FX series Partners. Smith is not confirmed yet for Bad Boys III, and most recently appeared in Winter's Tale.