The actress sat down with ET's Nischelle Turner -- alongside her Like A Boss co-star, Billy Porter -- while promoting their new comedy over the weekend, and she shared an update about the potential for a long-awaited third installment in the Reese Witherspoon-led comedy series.
"Well, Reese is doing The Morning Show with Jennifer Aniston and stuff, so I know that there's a lot going on," Coolidge said, implying that the star might have her plate full with other projects
However, she also revealed that there has been actual progress made toward making it a reality.
"I know that there's a script that's in the works, I'm told," Coolidge shared. "And I keeping seeing all this press about it."
"I hear that it is going, but I just don't know what the timeline is," she continued. "But you know, if I'm asked to do it I'll definitely be in there."
"I would love to play Paulette again," Coolidge added, referring to her character from the Legally Blonde franchise -- a character she hilariously reprised most recently in Ariana Grande's homage to the comedy as part of her "Thank U, Next" music video.
While Legally Blonde 3 is still somewhat up in the air, the premiere of Coolidge's new film, Like a Boss, is right around the corner.
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'Legally Blonde 3': Everything We Know
The comedy stars Tiffany Haddish and Rose Byrne as best friends who start a cosmetics company and are saved from bankruptcy by a make-up mogul, played by Salma Hayek. Soon, however, they discover that their angel investor is far more devilish than they realized when she begins to steal their product ideas and concepts.
Meanwhile, Coolidge and Porter star as co-workers and friends of the pair whose friendships and working relationships are threatened by the conditions of the success.
"For me, it was my first time doing a big comedy like this, and to have all of these comic titans in the room, it's just fun," Porter said of his scene-stealing appearance in the comedy. "It's an energy where [fun] is built into the process."
As for Coolidge, sharing scenes with Hayek -- playing a vicious and back-stabbing mogul -- was "kind of scary."
"It was funny, but she was very scary," Coolidge said. "She was channeling something that was really good, because it was scary."