While original actor Hugo Weaving won't reprise the role in the upcoming Lana Wachowski-directed film, leaked footage from the set of The Matrix 4 has led to a new theory that Agent Smith could, in fact, make his return in the film disguised as Neo.
In The Matrix: Revolutions, Neo allowed Smith to assimilate him during their climactic fight, which caused them both to be destroyed. However, set footage shows multiple duplicates swarming two vehicles, a tactic which Smith employed in the previous films in the Matrix franchise. Scheduling conflicts mean Smith isn't going to return in his original form, so this is where Neo comes in.
Agent Smith revealed in The Matrix: Reloaded that a part of Neo resides in him after his defeat at the end of the first movie. This led to his duplication abilities, as he was able to infect other agent programs in The Matrix and even people in the real world, such as Bane. Smith could thus potentially masquerade as Neo by copying his rival's appearance and puppeteer future events.
Similarly, the villain may manifest himself in a newly resurrected Neo. By allowing Smith to assimilate him in The Matrix: Revolutions' finale, Neo might have learned how to use Smith's own code to duplicate himself in an effort to cheat death. If this is the case, Neo may be struggling to control the Smith inside of him, which could result in him attacking or recreating other returning characters like Trinity or Niobe. This would explain how, despite character deaths in The Matrix: Revolutions, key characters are returning, and why the leaked set footage features duplicates.
With everything that happened in the conclusion of the trilogy, it's also possible that Neo could become the new agent program within The Matrix. Fearing Agent Smith had become too power to control, the machines bent on controlling humanity eventually struck a truce with Neo and the humans to stop the spread of the rogue AI. After witnessing his sacrifice the machines carried his body into their great city, seemingly as a sign of respect towards their savior. From there it's possible they could have created a rebooted Neo, deciding he would make a suitable protector for The Matrix going forward. This theory is a bit of a stretch, however it would still allow Neo to take on a more sinister role in the series if the story required it.
Regardless, there is so much potential for where the franchise can go from here. While it's no confirmation, the leaked footage certainly indicates something is afoot in The Matrix. Weaving's absence doesn't necessarily mean Smith himself won't return in the film, and it might just be he comes back in the form of his old enemy, making for one heck of a plot twist.
Directed by Lana Wachowski, The Matrix 4 Stars Keanu Reeves, Carrie-Anne Moss, Jada Pinkett Smith, Yahya Abdul-Mateen II, Neil Patrick Harris, Jessica Henwick and Jonathan Groff. The film is scheduled to arrive April 1, 2022.