The movie was originally set to be helmed by Ivan Reitman, but the director has stepped down from the position, following the death of Harold Ramis last month.
Lord and Miller - who helmed The Lego Movie and 21 Jump Street - have been tipped to replace Reitman, according to Deadline founder Nikki Finke, who shared the news on her Twitter account.
Hot duo to direct #Ghostbusters3? My sources say Phil Lord & Chris Miller ('Lego Movie', '21 Jump St') in talks to replace Ivan Reitman.— Nikki Finke (@NikkiFinke) March 20, 2014
Reitman - who will remain on Ghostbusters 3 as a producer - said of his decision to leave as director: "It's a version of Ghostbusters that has the originals in a very minor role... When I came back from Harold's funeral, it was really moving and it made me think about a lot of things.
"I just finally met with Amy [Pascal] and Doug Belgrad when I got back. I said I'd been thinking about it for weeks, that I'd rather just produce this Ghostbusters."
Aykroyd recently shared on update on the long-in-the-works sequel through his Twitter account.
Packs on! Will have Ivan's back as I help him produce a GB 3 that Harold would be proud of.— Dan Aykroyd (@dan_aykroyd) March 19, 2014
The movie is expected to begin shooting in New York City in early 2015.
Meanwhile, Lord and Miller's sequel 22 Jump Street will be released in the UK on June 6 and in the US on June 13, with Jonah Hill and Channing Tatum reprising their roles as underachieving cops Schmidt and Jenko.
The directors' computer-animated The Lego Movie claimed the top spot at both the US and UK box offices upon its release earlier this year.
Watch Dan Aykroyd chat to Digital Spy about Ghostbusters 3 below: