Carvey and Mike Myers spun off their popular Saturday Night Live sketch into the 1992 blockbuster film, which made nearly $200m (£129m) at the box office.
The sequel Wayne's World 2 was less successful upon its release in 1993 and earned mixed reviews from critics.
Carvey is currently in New York City to co-host an episode of Live with Kelly and was questioned by a reporter on the street about a possible third Wayne's World film.
"You're gonna have to ask Mike [Myers]... he's pretty busy, but yeah... I'd do it if they want," he told TMZ.
Carvey also joked about the possible storyline for Wayne Campbell and Garth Algar's return to the big screen.
"If they want, we can play 'em in their 50s... 'Wayne! My prostate's enlarged'," the comedian quipped.
Myers and Carvey last reunited on Saturday Night Live last February for the first new 'Wayne's World' sketch in 17 years.
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Watch Mike Myers and Dana Carvey's Saturday Night Live (US only) reunion below: