Movie bosses are bringing back lead actor Steve Guttenberg to reprise his role for another instalment and his co-stars Kim Cattrall and Sharon Stone have also been asked to return.
But Goldthwait, who shot to fame playing zany Zed in the comedy, wants to see fresh actors suiting up to enrol in the new Police Academy.
He tells U.K. talk show host Alan Carr, "I think they should just reboot the series. I don't think they should have us old farts back."
And the comedian doubts he'll return to the force - because he wants to be remembered for something other than the 1980s series.
He adds, "I don't dislike it but unfortunately no matter what I do, that will be (in) my obituary. It will be like, 'Goldthwait later went on to cure AIDS, but he played Zed in Police Academy!'
"I don't have a problem with it, but people go, 'You've seen him in Police Academy...' and then I come out and they go, 'Aw, I thought it was going to be the black guy who makes the funny noises!'"