Peter played the wookiee - famous for his inimitable growl - in the original trilogy, and The Hollywood Reporter are now claiming he will be playing the character in the seventh installment, directed by 'Star Trek' director JJ Abrams.
While some fans were skeptical when Disney bought the rights to the franchise and announced they'd be making three brand new films, Peter has always supported Disney's decision to continue the saga.
He told TMZ back in 2012: "I have no doubt Disney will respect and continue the legacy of Lucasfilm.
"I have worked with Disney for many years during their Star Wars Weekends Celebration and seen how much they love the films and the fans."
And Chewbacca isn't the only character rumoured to be returning when the series continues, as Anthony Daniels, famous for playing robot C3PO - has previously expressed interest in featuring in the film, which is currently scheduled for a December 2015 release.
It was recently revealed that the crew and cast have already begun filming the new movie, and most of the casting has been completed.
Harrison Ford, Mark Hamill and Carrie Fisher could also be making a 'Star Wars' comeback by reprising their iconic roles of Han Solo, Luke Skywalker and Princess Leia.