Watch: Tim Allen confirms Disney reached out about 'Toy Story 5'

Nov. 22 (UPI) -- Tim Allen says Disney reached out to him about Toy Story 5.

The 70-year-old actor discussed the possibility of a new sequel during Tuesday's episode of The Tonight Show starring Jimmy Fallon.

Allen voices Buzz Lightyear in Toy Story (1995) and its sequels, Toy Story 2 (1999), Toy Story 3 (2010) and Toy Story 4 (2019).

On The Tonight Show, Allen said Disney approached both him and Tom Hanks, who voices Woody in the franchise.

"Bob Iger, head of Disney, said it was on," the actor said of the sequel. "He said it was going to happen."

"They have reached out to Tom and I to reprise the roles," he added. "They're not saying anything about it."

Allen has wondered if "five is going to be too much" but said the writer working on the sequel has some interesting ideas.

"The writer that's doing it wrote one of the better ones. He said, 'If I didn't get this right, I wouldn't do it.' So it could be a very, very interesting way to reunite it," he said.

Allen shared his idea for a sequel in an interview with The Movie Dweeb last week, suggesting that the fifth movie feature an adult Andy and his children.

Allen most recently starred in The Santa Clauses Season 2, which premiered on Disney+ earlier this month.