"There's been some conversations," Duff told Entertainment Tonight. "It's definitely not a go. I don't want to get everyone wild talking about it."
Duff, who can now be seen in the comedy Younger, said she loves the character of Lizzie and would enjoy playing her again, this time as an adult.
"I think she was so important to girls at an important time in their life. If she could be important to them again at this age, I think that would be amazing," she said.
Bringing back long canceled shows has been a recent trend in streaming and broadcast television, with Roseanne, Will & Grace, Murphy Brown, Gilmore Girls and Full House all getting fresh episodes years after they went off the air. Last week, media reports said New York Undercover is also set for a reboot.
Duff, 31, gave birth in October to her second child, a daughter she and her boyfriend Matthew Koma named Banks Violet Bair.
She also has a 6-year-old son named Luca with her ex-husband, Mike Comrie.