"There's so many ways this movie could go," says Reid, who has no idea if or when it'll actually happen.
The actress said she ran into the directors of the fourth installment, Jon Hurwitz and Hayden Schlossberg, and tried to get an update on getting the franchise going again.
"I just saw them at one of the Emmy parties and was like, 'Come on guys, are we ever gonna do another one?' And they're like, 'It's happening,'" she told TooFab. "I don't know if they're lying or not. That'd be fantastic, it'd be great."
While the last movie wasn't exactly a massive hit in the United States, where it faced stiff competition from "The Hunger Games" and the 3D re-release of "Titanic," it still ended up making over $234 million against a $50 million budget. Despite that huge overall haul on the 2012 film, there was never a followup.
"There's so many ways this movie could go, because there's so many characters," Reid said when asked what she'd like to see happen in a potential fifth film.
"Stifler's Stifler, there's always gonna be something like that. But you have to remember, the last one ended with Jason Biggs' father hooked up with Jason Biggs' mom now, so who knows where that could go," she continued. "You always have me and Kevin [Thomas Ian Nicholas] and he's married, but maybe not happily married, he could get divorced and we could maybe get back together."
"Who knows where's it's gonna go, where it could go," added Reid.
Though we might have to wait a bit ... or forever ... until we see them together again on-screen, Reid and Nicholas seem to run into each other all the time. They were most recently spotted together at Comic-Con. "We all grew up together, so it's nice," she said.
Tara can next be seen in "The Last Sharknado: It's About Time," airing Sunday night on SyFy.