Ice Cube is finalizing a deal to star in and produce Barbershop 3 for MGM Studios, which is clearly trying to create a stable of franchises to build off the success of The Hobbit and their James Bond movies. Along with this sequel in the works, the studio will release Hot Tub Time Machine 2 at the end of this year, Poltergeist next summer, and they are also hoping to turn Dwayne Johnson's Hercules into a franchise. MGM is also working on an animated version of The Addams Family.

Ice Cube will return as Calvin, the barbershop owner he portrayed in 2002's Barbershop and 2004's Barbershop 2: Back In Business. The studio hopes to bring back Cedric the Entertainer, who appeared in both movies as Eddie, and Queen Latifah, who played Gina in Barbershop 2: Back In Business and the 2005 spin-off Beauty Shop. MGM is currently seeking writers for the sequel.

Barbershop, which co-starred Anthony Anderson, Sean Patrick Thomas, Eve, Troy Garity, Michael Ealy and Leonard Earl Howze, earned $75 million domestically from a $12 million budget, while the sequel earned $65 million domestic from a $30 million budget.

RELATED: Barbershop 3 First Look Featurette with Ice Cube

Ice Cube is producing with his CubeVision partner Matt Alvarez, Robert Teitel and George Tillman Jr.. The actor-producer will next be seen in 22 Jump Street and he is set to return for Ride Along 2 as well.