The Boondock Saints - starring Reedus and Sean Patrick Flanery as a pair of twin vigilantes - was first released in 1999, with a sequel following ten years later.
Last year, it was rumoured that the franchise could continue on television, but Reedus - who currently stars in The Walking Dead - told Digital Spy that a third movie is the more likely option.
"I can't do a TV show, but I have heard that [director] Troy Duffy is writing part three," said the actor. "I know Sean and I are adamant about going out in a hail of bullets with part three, and there's a lot of good storylines there.
"I know Troy is writing it now, I just hope he finishes it before I'm too old to remember the script!"
Reedus added that he would "love" to reprise his role as Murphy McManus if the proposed third film ever materialised.
"You know, Boondock Saints did a lot for me," he claimed. "That film never went to theatres for a whole bunch of reasons, but the cult following for that movie is just massive.
"Massive poster ads and billboards to go and watch the film did not inspire the fans - it was all by word of mouth. I'm very proud of that [franchise] and I'd love to play a part in it."
The Walking Dead season three begins on FX in the UK on Friday, October 19 at 10 pm. In the US, the series returns on October 14 on AMC.
> Boondock Saints comic on the way
> Boondock Saints II expanding release
Watch the trailer for the first Boondock Saints movie below: