Speaking at a screening of Veep, his new HBO political satire, the writer and producer revealed that a "major inquiry will feature quite heavily".
The Guardian reports that Iannucci claimed that the inquiry into press standards by Lord Justice Leveson was filled with potential avenues for comedy.
He mused: "It is interesting watching them all swear on oath and then saying what they say."
He also revealed that the new series will focus on a new government, to reflect the changes in British politics since the last series in 2009.
Speaking to journalists, Iannucci said of the new series: "There's a new government, it's in coalition, our previous cast are in opposition and we go backwards and forwards between the two.
"There's more of a story arc to it now, even though each episode is self-contained, and in the last three episodes everything comes together."
The 48-year-old is also currently working on the upcoming Alan Partridge movie, and was recently given an OBE in the Queen's Birthday Honours list.
The award led to a well-publicised Twitter spat with former Labour spin doctor Alistair Campbell, who many believe is the inspiration for The Thick of It's press 'enforcer' Malcolm Tucker.
Watch Armando Iannucci discuss Veep and The Thick of It below: