The comedy stars Tom Hollander as Adam Smallbone, a vicar who relocates from a rural parish in Suffolk to an inner-city London church.
BBC Two is in negotiations with Big Talk Productions to recommission the series, TVWise reports.
A BBC spokesperson said: "BBC Two is very keen for Rev to return and we are currently discussing the possibility of a third series."
Olivia Colman and Miles Jupp also star in Rev., which concluded its second series in December last year.
The show won the award for best sitcom at the 2011 British Academy Television Awards and has been nominated again this year.
Hollander will also compete against Brendan O'Carroll (Mrs Brown's Boys), Darren Boyd (Spy) and Hugh Bonneville (Twenty Twelve) in the category of 'Male Performance In A Comedy Programme'.