"I heard from the studio that there's a possibility to do the third one, but I think they're waiting for the actors' schedules," Lee said while speaking with LRM at the Toronto Film Festival.
"They're arranging the schedules for the actors, especially Dwayne Johnson," he continued.
Lee stars in the action-adventure series based on the popular Hasbro brand as villainous ninja Storm Shadow alongside Johnson who portrays hero Roadblock and Ray Park as Snake Eyes, someone Lee has stayed in contact with about doing another film.
"Him and I always talk about those kinds of ideas and some other projects and what if we do some things. We always talk, but it's just talk," Lee said of Park.
Johnson's upcoming packed film slate includes Moana, Fast 8, Baywatch and Jumanji.