It would not be a sequel to the earlier two films as a new script will be written with comedic actresses playing the ghostbusting roles, reported Variety.
Feig, who is best known for helming comedy films 'Bridesmaids' and Sandra Bullock-Melissa McCarthy starrer 'The Heat', has been in conversation with Sony to direct the project.
Feig is also re-teaming with McCarthy to direct her latest comedy 'Spy', which is slated for 2015 release.
'Ghostbusters 3' was initially supposed to be directed by Ivan Reitman, the director of the original 'Ghostbusters' and its 1989 follow-up 'Ghostbusters II' but he dropped out in March.
The original film was written by Dan Aykroyd and Harold Ramis and starred Bill Murray, Aykroyd, and Ramis as three eccentric parapsychologists in New York City who start a ghost-catching business.