The Why Him? star told ET's Katie Krause at the Los Angeles premiere of her new film -- which hits theaters Dec. 23 -- that not only would a reboot be "a lot of fun," but now is actually a great time to do it.
"It certainly couldn't be a better time. We would have carte blanche because of everything that's happening in the world right now," the 58-year-old actress explained. "I think it's a really nice time for us to get back together and do some comedy."
And after the recent election, Mullally does think that her character, Karen, would be all about "making America great again."
"Karen would be in the cabinet. She'd be a Cabinet member," she joked. "She'd probably be Secretary of State. "
As for when we'll see a reboot, that's still TBD, but the comedienne says she hopes it will happen.
"I think that it would be a lot of fun to do," she told ET. "I don't know -- it's nothing official yet, but we're hoping," adding we'll have to ask NBC or Netflix "real nice."
Watch the video below for more on a possible Will & Grace revival.