Rumours that such plans were being made have been swirling for weeks, but Showalter and writer-director David Wain had previously declined to comment publicly.
Showalter has now said that a Netflix series would take place entirely on "the first day of camp", with the all-star original cast returning, reported Huffington Post.
"We wouldn't have wanted to do it if we couldn't get everybody. So we did our due diligence before the fact and everyone wants to do it," he said.
"It's more just an opportunity to bring the cast back together and tell more stories about these camp kids."
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The 2001 cult classic starred Janeane Garofalo, Paul Rudd, Amy Poehler, Bradley Cooper, Elizabeth Banks, Molly Shannon and Ken Marino in a parody of teen sex comedies.
Rudd, Banks and Poehler have all publicly supported a sequel or prequel for 'Wet Hot American Summer' in recent years.
Poehler and Rudd have more recently collaborated with Wain and Showalter on the romantic comedy 'They Came Together'.