The Thor actor told MSN that he has not spoken to director Joss Whedon about the follow-up, but believes audiences would prefer to see a new villain in the film.
"I don't know. And that really is the honest answer. I know I've been known for obfuscation in other quarters, but I have no idea," he said when asked about revisiting the part.
"I haven't spoken to Joss. He's definitely doing it. So I suspect not, only because I think that probably the audiences are tired of Loki being the bad guy. Maybe the Avengers need somebody else to fight. But I'd love to be part of it again."
Hiddleston will reprise his role as Loki for the upcoming Thor: The Dark World, which arrives in cinemas on November 8, 2013 - more than a year and a half before Avengers 2.
Robert Downey, Jr, Chris Evans, Mark Ruffalo, Chris Hemsworth, Scarlett Johansson, Jeremy Renner and Samuel L Jackson are all expected to return for Avengers 2, which is scheduled for release in 2015.
Gallery - Avengers characters from the comic to the screen: