Will Smith: Which way will he go?

Actor to choose between 'Men' and 'City'

Will Smith is pondering which ship he’ll captain next.

It’s down to two choices: Sony’s “Men in Black III” or 20th Century Fox’s fantasy-adventure “The City That Sailed.”

Each project has particular appeal for the actor.

Smith’s production company Overbrook Films developed “City that Sailed” and brought it to Fox, which embraced the family property.

Penned by Andrew Niccol, “City that Sailed” revolves around a New York street magician who is unhappily separated from his young daughter. The girl, who moves to London, finds magic candles that make her wishes comes true, with unintended consequences: The island of Manhattan separates from the continent and floats toward England, bringing her dad ever closer.

There’s no director yet on the project.

The “Men in Black” franchise, of course, has been a box office goldmine for Smith, and Sony. First film, released in 1997, grossed $587.8 million worldwide. The 2002 sequel earned $441.8 million globally.

It’s been a while since Smith graced the bigscreen. His last film, Sony’s drama “Seven Pounds,” was released in December 2008.

Instead, he’s been busy producing via Overbrook, including Sony’s redo “The Karate Kid,” starring Smith’s son, Jaden.

Neither Fox nor Sony would comment.

Insiders, however, offered this nugget: One of the two will be Smith’s next film.