An article in The Sun claimed that Simon Bird, Joe Thomas, James Buckley and Blake Harrison have all signed up to reprise their roles in a second big-screen outing.
"It wasn't easy for any of the guys involved to call it a day after the last film," a source said. "They were a tight-knit family and really missed each other when it all came to an end.
"The writers, Damon Beesley and Iain Morris, have been knocking ideas around for a while and came up with something they thought would be good enough to maintain the high standards they have set."
However, a new post on the E4 comedy's official Facebook page played down the rumours, saying: "The Sun went rifling and found some stuff out about a sequel.
"Nothing's signed yet, and Australia is just one of the ideas we're kicking around, but we hope to have a new and definitely final film for you some time next year."
Neil Sutherland actor Harrison previously told Digital Spy that it would be nice to thank fans with a second film as "there is obviously a passion for it".
Watch the stars of The Inbetweeners Movie discuss the film's box office success with Digital Spy below: