Buffy actress Gellar starred in The CW's Ringer between September 2011 and April 2012, with the series being axed the following month.
"The fans are still writing me - they want it [back] desperately," Pedowitz told reporters at the Television Critics Association's summer press tour.
"Sarah Michelle and I have had many discussions… and the one thing we did come away with is when she is ready she would love to come back to The CW."
The network head added that Gellar is welcome back "either as an actress or as a producer", TVLine reports.
Ringer originally debuted with an audience of 2.84m viewers, but ratings later fell, with the final episode attracting just 1.2m.
Pedowitz previously claimed that the series failed to attract an audience because of its "complicated, serialised" storylines.
"The show was well-crafted, well-produced [and] well-written," he argued in May. "I don't think anything went wrong."
> Ringer exec on season two: 'It's about the consequences'
Watch a trailer for Ringer below: