The new movie is rumored to be a collaboration between Scorsese and Danish director Lars Von Trier, and will see De Niro reprise his role as troubled New York taxi driver Travis Bickle.
Von Trier and Scorsese, whose new movie Shutter Island premiered at the German festival on Saturday, have yet to confirm any plans.
But the rumors have been fuelled by Von Trier's production partner Peter Aalbaek, who has revealed that an announcement about the project will be made shortly.
Meanwhile, Taxi Driver screenwriter Paul Schrader has provided some insight into the rumored sequel's plot, revealing that Scorsese has been considering a follow-up film for years.
Schrader tells the New York Post, "I was talking with Martin Scorsese about doing a sequel to Taxi Driver, where (Travis Bickle) is older."
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