The 40-year-old actor admitted it might be tough to get the cast together after all their 'success' in recent years.
ET's Nischelle Turner spoke with the actor at the Los Angeles premiere of his new movie, BlacKkKlansman, on Wednesday, where he said he's "down" to revisit the series -- it's just up to a few other key players.
"I always say I would love... I mean, absolutely love to do it. I doubt it only because that cast went on to have so much success," he said. "If they're down, I'm down because I love those guys."
Grace is right, the cast has gone on to enjoy successful careers in Hollywood. Laura Prepon is currently starring on Orange is the New Black and Wilmer Valderrama has a role on NCIS. Mila Kunis -- who married Ashton Kutcher in 2015 -- is out and about promoting her new film, The Spy Who Dumped Me. Kutcher, meanwhile, stars on Netflix's The Ranch, previously alongside Danny Masterson.
If a That '70s Show revival were to happen, it would definitely require a few adjustments. In an interview earlier this month, Kunis revealed that she just can't see herself acting with Kutcher anymore. "I can't look at him and not be like, 'What are you doing?'... No, it's weird," she said. "In a scene with him I was like, 'Oh, I see you acting.' Like I can catch it. And he looked at me and was like, 'What's that face you make?' And I was like, 'We can't do this. We can't be together in a scene.'"
And Grace is pretty busy himself these days. He stars as white supremacist David Duke in BlacKkKlansman, and while he admitted the role was quite challenging (especially for his wife, Ashley Hinshaw) -- he couldn't be more excited to work with director Spike Lee.
"It's not a fictional bad guy. It's a real bad guy and we're still feeling the consequences of things that he's done and things he's doing, so I just did as much research as I could," Grace told ET. "I'm talking like, the most depressing month of my life. My wife will tell you it was a terrible month to be around me."
"I was like, eight months pregnant, so it was really bad timing," Hinshaw added.
"I was rehearsing lines once we had the baby, and she was like, 'Hey, can you cool it on the hate speech a little bit? Like, can you maybe do that in your office?'" Grace recalled. "Someone asked me today if I would have thought 20 years ago when I started because that also took place in the 70s, if I'd be playing a white supremacist in the 70s and the answer is no, I did not know that."
"Someone showed me Do the Right Thing, a teacher and I went to a boarding school in 11th grade and that blew my mind wide open," the 40-year-old actor said of Lee, before name dropping He Got Game and 25th Hour. "I've loved so many of his films."
BlacKkKlansman hits theaters on Aug. 10. See more on Grace in the video below.