Tim Allen has confirmed plans for 'Toy Story 5'.

The 70-year-old actor - who plays Buzz Lightyear alongside Tom Hanks' Woody in the iconic animated franchise - has revealed a fifth instalment is on the cards after Disney got in touch about a future film.

Appearing on 'The Tonight Show with Jimmy Fallon', he said: "Bob Iger, head of Disney, said it was on. He actually said it was going to happen.

"They have reached out to Tom and I to reprise the roles. They’re not saying anything about it."

Allen confessed he's a little hesitant about the idea of taking on the Space Ranger role again, despite the success of the previous four Pixar classics.

He added: "For people like me, it's just like — I'm a sci-fi buff. You wonder if four was too many? Is five going to be too much?"

However, he revealed the screenwriter - who he didn't name - insisted he wouldn't get back on board if it wasn't "right".

The actor said: "According to the scuttlebutts, the writer that's doing it wrote one of the better ones and he said, 'If I didn't get this right, I wouldn't do it'.

"So it could be a very, very interesting way to reunite it."

If the fifth movie does come to fruition, Buzz and Woody will need to be reunited after the fourth movie ended with them going their separate ways as the pull-string cowboy toy left the rest of the gang to stay with Bo Beep.

Allen has an idea for how to bring the gang back together though, and he thinks their first human owner Andy could be the key.

He recently told That Movie Dweeb: "I don't know if this is where the story is going, but what if the whole story was through Andy as an adult?

"[He] has children, and they just happen to be online, and the kid goes, 'Have you ever seen this toy?'

"And Andy sees that Buzz has got a hand missing and they're selling these vintage toys, and Andy goes and gathers all the toys up.

"He has to go out and find each one of them and put them back together, bring them back to his house, and start the whole thing over again with his son...

"It's all through Andy's eyes because we [the toys] made his life, and now he's returning that favour."