The director revealed that he believes executive producer Robert Weinstein is keen on making a sequel to Scream 4.
"The odds are that there will be (a Scream 5). It is something that Bob Weinstein wants to do. He tends to do what he wants to do," Craven told MovieWeb.
He continued: "So I am inclined to think that there will be (another sequel). Whether I will be a part of it or not? I don't know. My contract gives me the first look. If they show me something that is really wonderful? Of course I will be a part of it."
In May, Harvey Weinstein said he is expecting a fifth instalment of the Scream franchise in spite of Scream 4's relatively poor domestic box office results.
Craven had previously claimed that he was in no rush to make Scream 5, saying he intends to take a break from films for a while.
Watch a trailer for Scream 4 below: