The 54-year-old actor has voiced the role of Woody in all three of the Disney Pixar movies and was asked about the possibility of a fourth movie.
Speaking to BBC Breakfast, he said: 'I think there will be. Yeah I think they're working on it now. There you go!'
Hanks became a grandfather for the first time earlier this year when his son Colin's wife Samantha gave birth to a little girl called Olivia.
Asked what impact that has had on him, he said: 'When babies are only four or five months old they're much better than anything on television. Every moment that we spend with her... it's better than TV!'