The actor - who played the Time Lord in a 1996 TV movie - told Digital Spy that he would "love" to reappear on the show.
"Being Doctor Who, there's always anniversaries looming large - celebration programmes and episodes," he said. "I'm often asked, 'If they get the five Doctors together, would you do it?' and of course, I'd do it. They've just got to ring me up!"
McGann added that he is "still in the Doctor Who loop".
"Although I was [in] Doctor Who for six weeks, sixteen years ago, it never goes away - it only ever seems to get stronger," he suggested.
"I'd love to do that again, but that's not up to me."
The sci-fi drama's current star Matt Smith previously admitted that he would like to appear opposite McGann.
"Paul McGann is a great actor, man, and a great Doctor," he said. "I say bring back Chris [Eccleston] and Dave [Tennant], too!
"How many Doctors can we get into one story? Imagine if there were five or six of us in one ep and we could all just look at each other and judge each other."
Doctor Who will return for a seventh series in the autumn on BBC One. McGann's Sky Atlantic documentary The Petrol Age launches tonight at 8pm.
> Doctor Who anniversary will be amazing for fans, says Steven Moffat
Watch the original trailer for Paul McGann's Doctor Who TV movie below: