The film would once again star Stiller, as well as Robert De Niro, Dustin Hoffman, Teri Polo, Blythe Danner, Barbra Streisand and Owen Wilson.
Stiller, along with co-stars Wilson and De Niro, has signed on to make upcoming comedy Little Fockers, a third film in the Meet The Parents series, which has pulled in more than $800 million (£555 million) worldwide.
And Alba is said to be keen to join the stellar cast.
According to the Hollywood Reporter, Alba will play a pharmaceutical rep who casts a spell over the male cast members.
John Hamburg, who wrote the first two movies in the series, is penning the script. Filming is scheduled to start later this year (09).