Emmerich already has the script done, but still lacks a deal, as the studios still haven't figured out how a deal that would make himself, ID4 writer Dean Devlin, and Will Smith happy. Emmerich also says that it'll most likely be with Fox, but apparently, Fox has even suggested that they LEAVE Smith out of this one, since he'll be quite expensive.
Luckily Emmerich refused to budge. There's nothing worse than a spin-off.
I have no idea how the story for the sequel will turn out, although it'd be extremely lame if aliens attacked Earth on a holiday that ONLY America gets to enjoy. Maybe the Brits will get it this time, and Smith and Jeff Goldblum will go and save them and stuff, on account of having prior experience.
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