Producers are in talks with Netflix to produce season 5 of "Arrested Development."

Brian Grazer, the producer of the hit series, recently told Bloomberg TV: "We are in conversations with them to do another. They are interested in doing that."

Show creator Mitch Hurwitz also told reporters about the future of the series. "I don't have a timeline yet. If there's more, I promise you we will put a date out there."

"Arrested Development" has a cult following and aired on Fox from 2003 to 2006. However, fans were left disappointed when the network canceled the show due to low ratings. After years of fans' demands to bring the show back, Netflix announced that it would be airing season 4 of the show exclusively. Season 4 finally debuted to mixed reviews on May 26, 2013, after a 7-year-hiatus.

Netflix also revealed that it would like to produce another season of "Arrested Development."

In a letter to shareholders this week, CEO Reed Hastings and CFO David Wells reported the company's quarterly earnings, mentioning the future of "Arrested Development."

The letter stated:

"Over the last six months, our move into Original programming has begun to redefine Netflix in the eyes of consumers. Our first five series — Lilyhammer, House of Cards, Hemlock Grove, Arrested Development Season 4, and Orange is the New Black — have engaged large audiences across our markets and are very different, allowing us to broaden our overall reach with each new Original.

"We assess the success of each Original by looking at viewing-to-date and estimated future viewing, relative to cost. So far, we've ordered second seasons of all first season projects, which is quite unusual and exciting for the fans of these shows. We'd be delighted to produce a fifth season of Arrested Development, if possible, given fan reaction."