You may remember the actress had a very brief cameo at the beginning of I Am Legend as a doctor introducing the cure for cancer. Will Smith is obviously fond of her and suggested she play the new head of MIB, as former head Rip Torn got himself into a bit of legal trouble recently.
Most the of movie takes place primarily in the year 1969 as Will Smith and Tommy Lee Jones are transported back in time where they meet Josh Brolin, who plays a young version of Jones. Jemaine Clement from Flight of the Conchords will play the villain, although his motives have not been revealed yet.
Shooting will begin shortly in New York and it is expected to wrap by the end of the year. This means they will have over a year and a half of post-production as Columbia has given Men in Black 3 a release date of May 25th 2012.