Some things are better left dead.

But in the case of 1984's Ghostbusters, there are increasing signs of a lucrative afterlife. The latest? Producer-director Ivan Reitman expressing cautious optimism a third movie will materialize after decades of development.

"There is an opportunity because the passing-of-the-hat story is a good story to tell, so at least there's a clear variation that can be told," Reitman says. "We actually got a promising first draft a few weeks ago and we'll see where that goes."

This would confirm that the proposed screenplay by Lee Eisenberg and Gene Stupnitsky -- who are also writers for TV's The Office -- features original cast members Bill Murray, Dan Aykroyd, Harold Ramis and Ernie Hudson training a new generation of paranormal exterminators.

For the studio, restarting Ghostbusters is a no-brainer -- especially considering the billions of box-office dollars raked in by the revivals of such other 1980s-era franchises as Indiana Jones and Star Trek.

"It's so damned expensive to make movies and market them, (studios are) not really interested in stories," Reitman tells Sun Media. "They're interested in brands because brands are easy to market."

But a brand, as any moviegoer knows, doesn't guarantee a good film. And as Reitman admits with a laugh, "I can only go downhill. The first movie's pretty damned good and we had the advantage of being a surprise. It was a fresh story well-told with great actors in it."

He acknowledges 1989's Ghostbusters II was more problematic. "We got the first two acts in pretty good shape and then the last act of our story didn't come up to it. I'm really happy with the movie, but it was certainly not up to the creative level of the first film."

So he is determined Ghostbusters 3 be about more than just a mere payday.

But would he consider handing it over to another filmmaker?

"For me as a director it would be very hard to let anyone else direct it. I do feel very possessive of it. I'm the sole producer and director of the first two, so I feel it's both my obligation and my right to do it. But I won't do it and won't allow it to happen unless it's good."

Reitman reveals he and Murray actually met up last weekend during the Toronto International Film Festival when the actor attended a party for Up in the Air, which Reitman produced and his son, Jason, directed.

"I spent a wonderful four hours with him a few days ago, just catching up on ourselves. And it sure would be fun to work with him again. I think of him as my brother. He's really one of the great actors we have working in the English language. He's this unique, original persona."

And Ghostbusters isn't the only Reitman/Murray collaboration that may be soon reinvigorated for today's generation.

He adds, a little incredulously, "Paramount has bought the remake rights to Meatballs for God's sake and assigned me to develop them. Now that's weird."