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Armstrong cameoed in the 2004 comedy, but Stiller apparently wants the seven-times Tour de France winner to have a large role in a potential follow-up.
According to Yahoo, the new film is likely to be "infused with cycling influences". It has also been suggested that Vince Vaughan and Chuck Norris, who appeared in the original, will be replaced by George Hincaple and Jens Voight.
Armstrong revealed that he had met Stiller in a Twitter post, which apologised for his late arrival at a Tour de France signing.
"Sorry we were late for the sign-on this morning," he wrote. "It was Stiller's fault."
Stiller has previously hinted at a sequel to his fashionista comedy Zoolander and is currently working on the third instalment in his Meet The Parents franchise.
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