The actress - who stars in series two of Sky1 comedy Trollied - played Sable Colby in the final season of Dynasty and on spinoff The Colbys.
"Joan Collins [who played Alexis Colby] and I have often talked about it," Beacham said of a possible revival. "We often see each other and say seriously... we could play those parts again just like that.
"We both would [come back], frankly because that was fun. We would love to."
The original Dynasty aired on ABC between January 1981 and May 1989. Two-part mini-series Dynasty: The Reunion aired in October 1991.
Rival soap opera Dallas was recently revived by cable network TNT, with a second season due to air in 2013.
Stephanie Beacham stars in Trollied which returns on Friday, August 31 on Sky1.
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Watch a trailer for Trollied series two below: