Adam McKay has hinted that if the movie gets the go-ahead production on a second Anchorman movie could begin as soon as February 2011.
The movie gained a cult status when it was released back in 2004, propelled Will Ferrell to worldwide fame, and talk of a sequel has surrounded the movie ever since.
Adam McKay told MTV: "We have this other, bigger, crazier idea that’s really more what it’s about, which I can’t say.
"Our thinking was there’s just no way the second one is going to be as good as the first, because the first one is the first one.
"So our idea is if we’re going to do a second one, we better go for it and try some insane stuff and we’ll be enjoying it and that way it can’t be half bad."
This comes just a month after Ferrell revealed that the movie had been put on hold, despite the actor's desire to reprise the role of Ron Burgundy.
And on the promotion trail for Date Night, Steve Carell admitted that he too wanted to return to the movie.