Ramis reveals Ghostbusters star Dan Aykroyd has written a new script, called GHOSTBUSTERS IN HELL, and Ramis is keen to get the project started.
He tells InFocus Magazine he wants Stiller to join Aykroyd and Rick Moranis in the sequel.
Aykroyd's script transports the bumbling ghostbusters into a parallel dimension via a portal in a New York warehouse.
Ramis explains, "What Danny had originally conceived was sending us to a special-effects hell - a netherworld full of phenomenal visual environments and boiling pits.
"But what works so well about the first two (films) is the mundane-ness of it all. So my notion was that hell exists in the same place as our consensus reality, but it's like a film shutter - it's the darkness between the 24 frames.
"So we create a device to do it, and it's in a warehouse in Brooklyn. When we step out of the chamber, it looks just like New York, but it's hell - everything's gridlocked; no cars are moving and all the drivers are swearing at each other in different foreign languages. No two people speak the same language. It's all the worst things about modern urban life, just magnified."