Diesel tweeted about the possibility shortly after Warner Bros released the first trailer for "The Iron Giant: Signature Edition", a new Blu-Ray release of Brad Bird's film, reported Aceshowbiz.
Diesel uploaded the trailer on his Facebook page along with a caption, which indicated that Warner Bros was already planning the second film.
"I have been very lucky to have played so many interesting characters... One of the first and one of my favourites is... the Iron Giant.
The original movie centres on a 9-year-old boy, Hogarth, who discovers a giant alien robot (Diesel) in the woods near his house.
The two get along very well and develop a friendship. When a paranoid government agent, Kent Mansley, determines to destroy the robot, Hogarth and his friend Dean McCoppin (Harry Connick Jr) must do what they can to save the giant machine.
It is unclear if the voice cast members such as Diesel, Connick Jr, Jennifer Aniston, Cloris Leachman and Christopher McDonald will return to the possible sequel.