The Red State filmmaker told Entertainment Weekly that he has held preliminary discussions with cast members from the movies about reprising their roles for a stage sequel.
He said: "Jeff [Anderson] was the first person I reached out to. I sent him an email after I'd seen Alan Rickman in Seminar in February, 'You're the first person I'm gonna tell… Clerks III is gonna be a play on Broadway'.
"'We'll do a six-month run and sell out the entirety in advance. You up for six shows a week, sir? Live?' To which Jeff responded, 'Better lay off the weed, sir'."
Smith went on to say that he has also spoken with frequent collaborator Jason Mewes about the project, but is yet to run the idea by Brian O'Halloran. He confirmed that Trevor Fehrman's Elias from Clerks II will have a starring role, and Rosario Dawson's Becky is to feature in a pre-recorded segment.
The original Clerks debuted in 1994, followed by the bigger budgeted Clerks II in 2006.
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Watch a trailer for Clerks below: