Looks like Will Smith is preparing to deliver another one-two punch in the entertainment arena.

The rapper-turned-actor is currently working on a new album, and production on the long-awaited Muhammad Ali biopic will finally be starting this fall, with Smith still the frontrunner for the role of the boxing legend.

A Columbia Records spokesperson confirmed to MTV News that Smith has been scheduling studio time whenever possible around his promotional duties for "Wild Wild West" and that his as-yet-untitled next album is currently slated to arrive in mid-October.

Smith has been working in the studio with the Track Masters, Slick Rick, Sauce, Biz Markie, and his old partner Jazzy Jeff, among others, but whether or not any of those collaborations will wind up on the finished product remains to be seen.

Meanwhile, Smith is said to be asking for $20 million to do the Ali biopic. The movie will be under the direction of Barry Sonnenfeld, the man behind Smith's successful stints in "Wild Wild West" and "Men In Black." Sources close to Sonnenfeld have confirmed to MTV News that the film is currently in pre-production.

The legendary fighter is fully supporting the project, although his former manager and lawyer are not. Earlier this year, the pair filed court papers trying to block the film's production, saying that they control the rights to the boxer's life story through Muhammad Ali Productions, a partnership with Ali.

Smith has told other media sources that the Ali flick is not the first movie on his immediate schedule, but it's not clear what is. Smith's publicist, who also cautioned that his deal for the Ali biopic has not yet been signed, said the actor is considering several new projects.

However, one of those projects isn't the sequel to "Men In Black." That film isn't likely to happen until after the Ali movie is completed. And although media reports have indicated that Smith's film development company has been looking at a sci-fi thriller called "The Mark," a production employee for that feature indicated that its current status is very, very tentative. Smith was also said to have the lead role in the animated feature "Osmosis Jones," but a spokesperson for that production stated that Smith is not involved with that project.

In other news, Smith may also be adding "real estate mogul" to his already extensive resume. He and his brother, Larry Smith, are looking to help finance and design a giant entertainment complex in their native Philadelphia, according to that city's "Daily News." The ultimate plan will see the center house a movie soundstage and a recording studio as well as provide space for television and radio operations, retail shops, and apartments. The project is still in the planning stages.