The star recently said that after starring in all three Spider-Man films he was sick of playing the comic book superhero.
However, in an interview with Sci-Fi Wire he intimated that he still had feelings for the character and that, if the script was right, he could be persuaded to do the role again.
"It all depends on if there's a story worth telling," he revealed. "I feel very proud of the three movies that we've made.
"I feel like the stories all deserve to be told. If they come up with a good movie, and the whole team wants to get back together, and we feel like we can make a good movie that's worth making, then I'm up for it."
Tobey, 31, previously admitted he was ready to walk away from the famous role in order to avoid the obvious pitfalls of getting typecast and to pursue roles in more serious films.
He said: "Spider-Man 3 might be a good place to stop - I am not tied contractually to any more 'Spider-Man' movies. I would say the odds were in favour of this being the last one."
Meanwhile, Tobey's co-star Kirsten Dunst - who plays Mary Jane Watson, the love interest of Spider-Man's alter-ego Peter Parker - also wants out of the Spider-Man films admitting she's ready for a fresh challenge.
"I'm not the type of actress who does movie after movie," she said.
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