It was confirmed a few months ago that Bad Boys 3 definitely would be happening and now Sony have looked to reaffirm that point by announcing a new title and a new release date. 

Bad Boys 3 will now be known as Bad Boys for Life and we can now expect it to arrive on January 12, 2018. The new title is a reference to a line in Bad Boys II“We ride together, we die together. Bad boys for life.”

The new release date is presumably to accommodate Will Smith and his busy schedule. Michael Bay who directed the previous two installments is replaced for the threequel by The Grey's Joe Carnahan.

Sony are also making plans for a potential fourth film should Bad Boys for Life prove a hit. A release date in July 2019 being penciled in for that eventuality.