The movie, directed by Ang Lee, grossed over $213 million (£133 million) worldwide following its release in 2000, and rumours about a follow-up began surfacing last month (Jan13).
Movie mogul Harvey Weinstein was said to be spearheading the project, with Chinese filmmaker Ronnie Wu in negotiations to take over the franchise from Lee.
Now Yeoh, who portrayed warrior Yu Shu Lien, admits there have been talks about a second installment centred around her character, but she's hesitant to officially sign up to the film just yet.
She tells Britain's Metro paper, "It's early stages. It still depends on the script and who the director is, and it's never easy to make another movie after such an incredible classic but Crouching Tiger is a gem in my heart and always will be. So we will see."