Speaking to Total Film, Vaughn compared the movie to Batman Begins and said that First Class, which takes place in the early 1960s, could possibly have a follow-up in the vein of The Dark Knight.
"First Class is similar to Batman Begins, where you have the fun of introducing the characters and getting to know them, but that takes time," he said. "But with the second one you can just get on with it and have a rollicking good time. That's the main difference between Batman Begins and The Dark Knight."
He added: "1962 is far more grounded in the world of the '50s. I think it takes about five years for a decade to really start getting its identity, so the fun thing about this for me would be doing [a sequel] in the latter part of the decade, where you've got The Rolling Stones, The Beatles, Flower Power…"
Producer Bryan Singer said that further X-Men sequels could take place in the 1970s and the 1980s.
"That's an idea that's been discussed. How the characters go through time. But only to a point - they can't age too fast," Singer said.
Star James McAvoy spoke about a possible journey that his character, Charles Xavier, could take in two possible sequels.
"In First Class he uses Cerebro for the first time and maybe it unlocks something in his head - maybe he can't keep the voices out or something," the actor said.
He continued: "So in the second movie his journey could be about getting himself out of a mess. And then in the third movie he becomes… Patrick Stewart [who played Xavier in the first three X-Men movies]!"
Rose Byrne, who plays Moira MacTaggert in the superhero film, recently confirmed that sequels for X-Men: First Class are a likely possibility.
X-Men: First Class opens June 2.
Watch the trailer for Matthew Vaughn's X-Men: First Class below: