McDermott was a cast member of the first two seasons of the anthology series, but hasn't taped any scenes for the third outing yet because he has been focusing on his new series "Hostages," Zap2it.com said.
The actor was asked on Wednesday's edition of "Watch What Happens Live" about his participation in the current incarnation of "Horror Story."
"I saw the first episode, I thought it was really cool. ... I thought it was great," McDermott said. "We're still talking about [me returning,] depends on my schedule with 'Hostages,' but 'American Horror' is my home and I hope to go back to it."