A number of ex-Rare employees have created a Twitter account to gauge interest in a game with similar characteristics to the 3D platformer.
"Let's make the spiritual successor to Banjo-Tooie! Core members of the original team are ready to go. All we need is your support. So join us today!" reads the Mingy Jongo Twitter profile.
"So, what is this twitter thing all about? Right. Firstly, it is to test the waters really, about whether anyone would even think making a game that shares that same kind of humour, silly characters, fun game play, great tunes and all that stuff that we enjoy making."
"It wouldn't be to try and recreate Banjo. It would be something new," reads another tweet.
One post suggests that the team is considering using Kickstarter to gain funding, while another suggests that the game be made using the Unity engine.
Banjo-Kazooie was originally released on the Nintendo 64 in 1998.
An Xbox Live version was released ten years later, featuring upscaled graphics and achievements, as well as the ability to swap data with standalone release Nuts & Bolts.
Banjo and Kazooie also appeared as characters in Sonic & Sega All-Stars Racing for the Xbox 360.
Watch the Banjo-Kazooie intro below: