The Welsh actor, who also appeared in Notting Hill and The Amazing Spider-Man, starred in the 1997 original alongside Dougray Scott.
Ifans and his brother Llyr played Lewis twins, Jeremy and Julian.
"There's quite possibly a juicy Welsh movie some time towards the end of next year," Ifans told BBC Radio Wales.
"Or it could be at the beginning of the following year."
Twin Town was described as a dark crime thriller set in Swansea and director Kevin Allen has already revealed he is working on a sequel, potentially in nearby Llanelli.
Trainspotting, another 1990s cult movie, will have a sequel, which is due for release in January.
Ifans admitted he was going to his "good friend" Allen's house on Tuesday for a "Christmas soiree".
Asked by BBC Radio Wales host Jason Mohammad if "juicy" meant Twin Town 2, Ifans replied with a laugh: "Oh I don't know, I couldn't tell you!
"Let's just say all of your listeners will be very pleased to hear about this. It is early days. Right now my lips are glued very tightly."
Rhys Ifans has given the strongest hint yet he could be involved in a sequel to the cult Welsh film Twin Town.