The series creator was asked about a sequel during a Q&A after his Shenmue postmortem at GDC 2014 in San Francisco.
"Of course I want to make one if I had the right opportunity. Dot dot dot," he told attendees including Digital Spy.
A separate question asked what the biggest challenges of development were, and whether modern-day technology would help solve those problems.
"The biggest challenge was probably that it was difficult to manage tons of characters," Suzuki said.
Shenmue postmortem: 10 revelations from Yu Suzuki's GDC talk
"A system was not available at the time. If we were to fast forward to today, we could solve with an online environment or going online, which could manage a ton of characters whether nearby or faraway. That would be solveable if we were to make the game today."
He continued: "When it comes to cost performance, chapter by chapter we were introducing a brand new level.
"We had a very luxurious way of making these chapters and presenting them in a very gorgeous way.
"The cost performance from a purely development standpoint was not that great. We could do much better making something high quality, and could use the array of 3D engines available today."
SEGA confirmed that a recent Shenmue 3 listing was fake, and was investigating the claim.
Meanwhile, another report suggested that game director Yu Suzuki was considering services such as Kickstarter to raise money for Shenmue 3.
A postmortem for Animal Crossing: New Leaf also took place at GDC 2014 earlier today (March 19).
Digital Spy is reporting live from GDC 2014 throughout this week.
Watch a trailer for Shenmue below: