The 'Mission Impossible' star wants to do a follow up to the 1986 action movie - which featured the actor as an advanced fighter pilot - that is in "the same kind of tone" as the first film.
Tom said: "We're working on it. I hope we can figure this out to go do it again.
"If we can find a story that we all want to do, we all want to make a film that is in the same kind of tone as the other one and shoot it in the same way as we shot 'Top Gun.' "
Tony Scott, who produced the first film, is set to direct the forthcoming movie, but Tom thinks it is unlikely that Christopher McQuarrie - who had looked set to pen The Script for it the upcoming project - will take on the role because the writer is still busy directing 'One Shot'.
He explained: "I don't think Chris [McQuarrie] is going to write it. Chris is directing 'One Shot' right now, which I'm acting. We've got to go back in January and finish it."
But the 49-year-old star is keen to work with Tony and 'Top Gun' producer Jerry Bruckheimer on another motion picture, and the trio have been thinking of ideas for a sequel.
He added to MTV News: "I said to Tony I want to make another movie with him. He and I haven't made a film since 'Days of Thunder'.
"Tony and I and Jerry, we never thought that we would do it again. Then they started to come to us with these ideas of where it is now. I thought, 'Wow, that would be ... what we could do now.' "
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