The 1986 novel, which inspired the 1995 book sequel "Gump and Co.," served as the basis for the Oscar-winning play.
The movie made $678 million worldwide and topped the box office in the United States in 1994.
Hanks received the best actor Oscar, and the movie also won four additional Oscars in addition to the best picture award.
Hanks admitted that the attempt to discuss about another 'Forrest Gump' lasted all of 40 minutes.
“A smart thing I did is I’ve never signed a contract that had a contractual obligation to a sequel,” quoted Hanks.
“Guys, if there’s a reason to do it, let’s do it. But you guys can’t force me,” he added.
Hanks and Zemeckis reunite for "Pinocchio", which debuts on Disney+ on September 8.
The two had previously worked together on "Forrest Gump" and "Cast Away," making this their 4th project together.
The two had also collaborated for a animated Christmas movie “The Polar Express.”