Director Ivan Reitman, along with writers and stars of the films Harold Ramis and Dan Aykroyd, have been trying to develop the movie for the past few years.
However, earlier reports revealed that Bill Murray, star of the original 1984 hit, had turned down Ramis and Aykroyd's script.
Meanwhile Sigourney Weaver, who played the love interest to Murray in the first movie, recently said that she will not return to the material without Murray on board.
The Playlist reports that in an interview with WGNTV, Murray seems to have softened to the idea of reprising his role as Dr Peter Venkman.
When asked about the chances of him joining Ghostbusters 3, Murray said simply that it is "a possibility".
There is no definitive word yet on how far negotiations on Ghostbusters 3 have progressed.
Murray, who in recent years has taken on more serious or offbeat roles, will next be seen in Wes Anderson's Moonrise Kingdom.
Watch Bill Murray in the trailer for Moonrise Kingdom below: