I recall posting a Cedric The Entertainer interview 2 years ago, during which he talked about his then new show on TV LandSoul Man, the music and film business, and a potential 3rd Barbershop film, which Cedric said was of definite interest to the original film’s key people (cast and crew), but MGM’s trials (its 2010 bankruptcy and the aftermath) were holding things up.

At the time, I said that I could do without a 3rd Barbershop movie; but it looks like the stars have aligned in their favor because MGM (no longer in the financial state it was a few years ago) is reportedly rebooting the franchise. 

Deadline says that Ice Cube is negotiating a mid-seven-figure payday with MGM to reprise his role in what will be Barbershop 3, and the project is out to writers.
MG also hopes to snag Cedric the Entertainer and Queen Latifah as well for the threequel.
Cube will produce with production partner Matt Alvarez, Bob Teitel and George Tillman Jr who produced the first 2 films.
Collectively, both movies grossed $140 million domestically on comparitively low budgets, and were financial successes for the studio.
Ice Cube is certainly keeping himself busy, with a sequel to the box office smash Ride Along greenlit, and the production of Straight Outta Compton, the F. Gary Gray-directed bio of the rap group that launched Ice’s career, NWA.