The script was written by "Iron Man" screenwriters Matt Holloway and Art Marcum.
Thompson and Hemsworth recently shared the screen together in Marvel's "Thor: Ragnarok." Hemsworth's deal to star in "Men in Black" has not been finalized but it is expected to be, noted The Hollywood Reporter.
The film, slated to hit theaters on June 14, 2019, will feature new characters outside of the original trilogy's Agents K and J portrayed by Tommy Lee Jones and Will Smith.
The "Men in Black" series followed a secret organization that protected earth from alien threats.
Steven Spielberg is executive producing with Walter F. Parkes and Laurie MacDonald producing.
Thompson was last seen in "Annihilation" and will be returning to upcoming boxing sequel, "Creed 2."
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