Executive producer Sera Gamble recently insisted that it is too early to tell if the CW drama will return for another year.
However, Padalecki told TVLine: "I'm excited about season eight. I feel like there are more stories to tell. I feel like we haven't wrapped everything up."
The actor also hinted that Supernatural could reach a natural conclusion after one more season.
"Season eight could be a great season," he said. "Even if we have to wrap things up in season eight, I feel like it would be a nice last hurrah."
Padalecki - who plays Sam Winchester - added that he would like the next season to focus more on the villainous Leviathans, a race of creatures introduced in the seventh season premiere.
"We introduced this great character, this great demon, and just doing one season – introducing them and then getting rid of them – doesn't give them the seriousness that they deserve," he argued.
"I [also] want to deal with Sam. One of the things that turned me on to Sam is how, against all odds, he can empower himself over the most horrendous obstacles. So I love seeing his inner strength. It's inspiring to myself and to a lot of fans, so I'd like to see more of that too."
Supernatural airs on Fridays at 9/8c on The CW.
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Watch a preview for the next episode of Supernatural below: