The 28-year-old "Gossip Girl" star said she is still friends with Sisterhood co-stars Alexis Bledel, America Ferrera and Amber Tamblyn, and they dream to make a third movie, reported Entertainment Weekly.
"There's a strong chance there might be a third. But it would have to be something that really made sense. If you wait this long to do a third movie, it needs to honour the story and the legacy," Lively said.
The actress was 16 when she landed her first acting role in the original movie, and thinks a third movie would be a good opportunity to see how her character Bridget has grown up.
"The Sisterhood of the Traveling Pants" was released in 2005 and was followed by a sequel in 2008.