CBS Television Studios are currently in the "very, very early" stages of rebooting the popular sitcom - which ran for 11 seasons from 1993 to 2004 on NBC - with its original star Kelsey Grammer, though the project isn't yet officially in development.
According to Deadline, the 63-year-old actor - who played psychiatrist Frasier Crane in the show - is currently meeting with writers, who are pitching different concepts for the potential follow-up.
But it is believed the programme would be a reboot, likely set in a new city.
Frasier was first introduced as a character in the Boston-set 'Cheers' before relocating to his hometown of Seattle to start a new life as a radio presenter in 'Frasier'.
The show's finale - which was watched by almost 34 million viewers when it aired in May 2004 - saw the lead character leave for Chicago with his girlfriend Charlotte (Laura Linney), rather than take up a job offer in San Francisco.
In its 11 seasons, Frasier won a record-breaking 37 Primetime Emmy awards, including five wins in a row for Outstanding Comedy Series and four acting honours for Kelsey.
If the reboot does go ahead, it seems Kelsey has had a change of heart as he previously insisted he'd like to keep both 'Frasier' and 'Cheers' in the past.
Asked in December 2016 if he'd be open to the idea of either show returning, he said: "No, I'm very happy with what I'm doing now. I look back at the past as a very fond place and I'd like to keep it that way."