The news comes after the successful reboots of shows like "Roseanne" and "Will and Grace."
In March, Allen told Entertainment Tonight that the idea for a "Home Improvement" reboot idea has been floated around. He also said he would be on board with getting the gang back together.
"I like that idea. I still miss 'Last Man Standing.' We didn't get our seventh year. I adored that show," he told ET. "It's like having a new dog and now to go back to the old dog? I don't know. I like both characters, but yeah, I'd be very interested in that idea."
Allen played Tim Taylor on the ABC sitcom which ran from 1991 to 1999.