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The actor said that many of the original cast would return for the comedy project, which is currently being scripted.
"We are doing a new movie and it is going to be great fun," he told The Sun. "A script is being written and so far it is really great. Everyone from the original movies who is still around will return.
"I know Kim [Cattrall, who starred in the original] and Sharon [Stone, from Police Academy 4: Citizens On Patrol] have been asked but they haven't said yes yet.
"It would be really great to have them on board."
Guttenberg pulled out of the franchise for the fifth, six and seventh movies, but is rumoured to be directing the latest instalment.
Police Academy 7: Mission To Moscow was released in 1994.
Guttenberg revealed last week that he was planning to reunite with Tom Selleck and Ted Danson for a third Three Men... movie.
More: Steve Guttenberg, Movies
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