The rapper starred, produced and co-wrote Friday in 1995, and later wrote the sequels Next Friday in 2000 and The Friday After Next in 2002.
Ice Cube is now in line to produce, write and direct a proposed fourth film, where he will reprise his role as Craig Jones, according to Collider.
Chris Tucker has also been contacted to reprise his role as Smokey from the first film, but he has yet to confirm his involvement, due to his newly-found religion, reports Deadline.
Tucker reportedly regrets his roles in movies such as Jackie Brown, due to the large amount of profanity in the script.
Disney picked up a new movie project from Ice Cube earlier this year called Chrome and Paint.
Watch the trailer for 1995's Friday below: