The actor - who stepped away from Hollywood to raise his children following the death of his wife in 1991 - has been tempted back to the franchise, reports Bloody Disgusting.
The Honey, I Shrunk The Kids star played Louis Tully in the two '80s comedy films, becoming villain "The Keymaster" in the first then an honorary Ghostbuster in the second.
The site's inside source also confirmed that Dana Barrett's (Sigourney Weaver) son Oscar will be part of the new, younger spook-catching team and is in fact the love child of Bill Murray's Peter Venkman.
Screenwriters Lee Eisenberg and Gene Stupnitsky's story allegedly centres on original Ghostbusters Venkman, Ray Stantz (Dan Aykroyd), Egon Spengler (Harold Ramis) and Winston Zeddemore (Ernie Hudson) handing over the reins to fresh recruits.
Bill Murray recently claimed that plans for a third Ghostbusters had "vapourised".