Hugo Weaving says he received an offer to reprise his role as Agent Smith for protagonist Neo (Keanu Reeves) by his name within The Matrix: "Mr. Anderson".

Smith would go on to evolve into the big bad of confirmed to return in the Matrix 4.

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Speaking to directing The Matrix 4 solo after co-helming the trilogy with her sibling, Lily) later "decided that the dates weren’t going to work. So we’d sorted the dates and then she sort of changed her mind". As such, the sequel will be moving on without him.

Hugo Weaving in The Matrix Reloaded

With Yahya Abdul-Mateen's supposed role).

Whatever the case, it might be for the best Weaving isn't returning for The Matrix 4. Although the film has the potential to what Star Wars did with The Force Awakens) as much as possible.

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Source: Time Out