Dark Shadows writer Seth Grahame-Smith - who is currently working on a script for the proposed Beetlejuice II - revealed in May that Burton is open to a sequel if the screenplay is strong enough.
Burton himself has now commented to MTV News that he will only consider the project if Keaton returns as the eccentric ghost.
"I think he would be willing to do it. [Keaton] would have to be [in] it," Burton said, adding: "He was great as that character. I think it's a way to unleash your inner whatever. I bet you he would get right back into it."
Burton went on to say that he sees Beetlejuice II as a potential project for the future, not something he can focus on right now.
"I'm finishing [Frankenweenie first] and then I need to [revisit Beetlejuice 2]… I just said to [writer] Seth, 'If you have some idea about it, go for it, and then I'll look at it freshly'," the filmmaker explained.
Beetlejuice notably won an Academy Award for Keaton's iconic make-up. The film also earned two BAFTA nominations.
Burton's latest project Frankenweenie opens on October 5 in the US and October 17 in the UK.
Watch a trailer for Frankenweenie below: