The actor claimed that he is in negotiations about reprising his role as British sea captain Jack Aubrey during an interview at the Ashes test match at Lords cricket ground, London.
Crowe told The AP that there is "still a long way to go" with the project but it is one of several currently under his consideration.
Master & Commander, which was based on three novels from Patrick O'Brien's 20 book series, was released in 2003 and earned ten Oscar nominations.
A script based on O'Brien's 1986 book The Reverse Of The Medal has reportedly been completed. The story follows Aubrey in the Caribbean on HMS Surprise, where he meets his illegitimate son Samuel Panda.
Cast members from the original film are apparently already signed up for two sequels.