Variety just announced that Brendan Fraser has signed on to the Mummy 3.
According to Comingsoon.net, Rob Cohen will direct the film and Universal says it will green light the project pending a re-write by "Smallville" creators Miles Millar and Alfred Gough.
Rachel Weisz, however is not returning. A 9 month old baby and a 8.5 pound Oscar might be two of the main factors why Weisz doesn't have the time. The writers will probably just write her character out of the script altogether. Expect some other character to take her place in the storyline.
Production is scheduled to start late summer for a Summer 2008 release date.