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Speaking to Closer magazine, the 45-year-old said that there has been discussion among the original cast about reuniting for a new film in the franchise.
Tara played Vicky in the 1999 comedy and reprised her role for American Pie 2 and American Reunion.
"We've been talking about it for ages," she told the publication, adding: "We'd all love to do it, but we'll see what happens."
The Sharknado star also told OK! magazine that the chats about another potential sequel have been going on for a while.
"I've seen the directors and they said it's going to happen, it's just hard to get everyone's schedules aligned," she said.
In the interview, Tara defended the racy flick against haters, saying that despite its cheeky humour, the American Pie films ultimately had 'heart'.
She added: "So many actors were scared to make it at the time. They thought it went too far. But it's ultimately a movie about awkward teens and it had so much heart in it.
"What I love about that movie is that there is no bullying or meanness. Lots of comedies these days are just mean."
She also spoke out about her dream of one day winning an Oscar.
"I still want that Oscar. That's every actor's dream," she said. "You have your speech all prepared and you practise it in the mirror with the toothpaste as your microphone.
"I would love a star on the Hollywood Walk of Fame too - there's still time for that."
The revelation comes following Tara revealing that her career went through a 'frustrating' time during the 2000s after she was 'misjudged' as a party girl alongside Paris Hilton and Nicole Richie, even though she never 'did anything bad.'
"I didn't work for a while. That was really frustrating," she said.
"[It bothered me] that [people thought] I was just a party girl and thought I wasn't anything else because that wasn't true... It didn't make sense to get punished for having fun.
"I never got in trouble or got a DUI or do anything bad really. So I feel like it wasn't right. I felt really bullied by the studios and a lot of people and very misjudged."
She explained the criticism and constant attention is what pushed her to go into producing movies instead of being in front of the camera.
"That's also one of the reasons why I started to do this because I'm like, 'If I don't fix this, it's not going to get fixed'," Tara explained.
"So that's when I said, 'OK, we're going to turn this around, people are going to realise how smart I am, how I'm producing, how I'm creating all these things and then they're going to have to stop because they can't keep picking on you. It was almost cool to pick on me and it's not...
"I'm not gonna wait for a script because I'm not gonna do that anymore. So I was like, 'I'm gonna create my own parts and I'm gonna produce them. This is a really exciting time for me.'"
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