The actress admitted on the Fashionably Late with Rachel Zoe talk show that she believes the world is ready for a third installment.
"A lot of writers over the years have come up with different ideas for it," the 39-year-old explained.
"I actually think it's kind of great right now because we're talking about women in politics and how important that is to get more women. And I think it'd be kind of a cool thing to have her be a Supreme Court justice or someone who runs for office, like president!"
What Reese is forgetting to tell us is that technically there already is a Legally Blonde 3 titled Legally Blondes. The film, which was a box-office flop was produced by Reese and is a spin-off from the franchise and focuses on Izzy and Annie Woods, Elle’s British cousins.
Before you start celebrating about the potential do-over, nothing is set in stone… yet! "I don't know. Call MGM. I have no idea," she said.
Reese was just 25 when she played pink-loving, sorority sister-turned-lawyer Elle Woods in the 2001 smash Legally Blonde and it’s 2003 sequel, Legally Blonde 2: Red, White & Blonde.
Can you imagine how fabulous the Harvard graduate would be in the White, nay Pink House? The clever character would bend and snap her way to peace treaties around the world.
Let the campaign begin for Elle Woods to become president and her pooch Bruiser can be second in command.
Watch Reese's interview in the video player above!