He appeared as Vietnam veteran-turned-mercenary John Rambo in four feature films, most recently fighting a Burmese military regime in 2008's Rambo.
Stallone told reporters in Rome earlier this week that he is still hoping to bring the Rambo saga to a close with a final big-screen adventure, reports AFP.
"The Rambo thing, that's why I don't retire. I just see a guy unable to go home. He needs war and I see him dying there," Stallone said.
The actor went on to suggest that the likelihood of Rambo V will depend on the physical demands of the role.
"If my damn body holds up, it'll be really good. Otherwise it won't be Rambo fighting, it'll be Rambo fighting arthritis," Stallone joked.
The 2008 Rambo sequel made more than $100 million at the global box office, but earned only mixed reviews from critics.
Earlier this week, Stallone joined the cast of indie drama Reach Me, which was written by his Cobra co-star John Herzfeld.
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Watch the Rambo trailer below: