The 62-year-old star played treasure hunter Benjamin Franklin Gates in the 2004 adventure movie and the 2007 sequel National Treasure: Book of Secrets.
And though he previously ruled out returning to the role, director Jon Turteltaub has now revealed both he and the actor are on board for a new project.
Speaking during a live recording of the National Treasure Hunt podcast on Friday, E! News reports Turteltaub said: "I was thinking about mentioning this tonight, I'll say it tonight.
"It's happening. You're the first people I have said this out loud to.
"It's finally real."
However, the director stressed things can change quickly in Hollywood.
Now, it's 'Hollywood real,' meaning things can happen," he said.
"Nic gets hit by a bus, there's no National Treasure. If I get hit by a bus, there's probably a National Treasure. Welcome to Hollywood, that's Hollywood."
A script for the film has been written and approved by the filmmaker and Disney, with the studio telling the director it "sounds like a movie we can make".
Jerry Bruckheimer has given the new script his blessing..
In May 2024, Jon teased that a script was in the works for National Treasure 3.
He told the National Treasure Hunt podcast: "It's being written. That doesn't mean it will be finished and be great, but if it's being written it will definitely be momentous when we read it. We all know what's in it.
"But there's a very, very good writer writing it right now who tends to write really good movies. If the script comes out close to good and you can see the finish line from where you are, we're making the movie."
The director was keen to get as many of the original cast members - including Nicolas, Jon Voight, Harvey Keitel, Justin Bartha and Diane Kruger - back as possible.
Asked if the original cast will return, he said: "100 per cent. We do have to hurry because people are both getting older and less interested and lives are changing and all that.
Cage had previously ruled out making another film in the series.
He told Screen Rant: "No, there is no National Treasure 3. If you want to find treasure, don't look at Disney, OK? It's not there."
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