*Word has it that Will Smith, currently in New York filming the third “Men in Black” film, is headed back to the music studio to record what would be his first album since 2005’s “Lost and Found.”

“We’re working on Will Smith, bringing him back. That’s actually him on the other line right now,” producer Lamar “Mars” Edwards told XXL Magazine in a story that ran Thursday.

Meanwhile, The Hollywood Reporter says Smith is being courted to lead director Shawn Levy’s remake of the 1966 sci-fi adventure movie, “Fantastic Voyage.” But there is drama surrounding Levy’s actual commitment to the project.

Sources tell THR that momentum on the film has slowed a bit because finding the right cast has proven tough, and Levy has begun to look at other projects. The situation could work itself out, but sources close to ‘Voyage,” which is not greenlighted, say it’s more likely than not that Levy will move on.

Voyage revolves around a team of scientists who are shrunk to atomic size and sent in a miniature submarine inside the body of a scientist to save his life.

Levy is said to want an A-list star to star, and Fox is not necessarily wedded to the idea of a huge name (and huge salary). A source says Levy has set a meeting with Will Smith in the next couple weeks. If the actor agrees to sign on, Levy would almost certainly stay with “Voyage,” and Fox likely would not flinch at casting one of the few proven box office draws. If Smith passes (or Fox can’t make a deal), and another mutually-agreeable star can’t be found quickly, sources say Levy would be inclined make another film his next directing project.