McKay and stars Will Ferrell, Paul Rudd and Steve Carell have all voiced their desire to come back for a follow-up to the 2004 comedy, but studio Paramount has so far refused to meet the prospective sequel's budget demands.
Speaking to Collider, McKay admitted that the fan outcry following Paramount's sequel snub made an impact with the studio and could persuade it to rethink its decision.
"Paramount heard it. Adam Goodman, the president of Paramount, was on the first one so he loves it and when that outcry came, he was kind of excited because he knew it could maybe push it towards happening," McKay explained.
The filmmaker stressed that the chances of the sequel being revived soon are still slim, adding: "I'm clearly going into it like another movie so if it does happen it's still two years away or a ways away. And I haven't talked to anyone. There's nothing happening right now but [the fan response] helped, it helped."