Allen starred as Jesus Shuttlesworth alongside Denzel Washington and Rosario Dawson in the cult 1998 movie, which centred on a convict who has to convince his son (Allen) to go to college in exchange for a shorter sentence.
The sports star reveals he has been having conversations with the filmmaker about a follow-up to the film and potential story lines.
He says, "Sequels to most movies are always fluff and not as good as the first, but it's something we've been talking about for the last couple months. If we get a really good story line and are able to bring everybody back, then it would be something worth doing.
"We've got to get Denzel and we've got to get Rosario. Obviously, it's been 15 or 20 years, so there's so many new story lines to talk about. Hopefully it works out."