Released in 2001, the film was a box office smash hit, bringing in US$450 million.
Two sequels followed as well as an all-female cast spin-off, Ocean's Eight, in 2018.
According to the Daily Mail, previous plans for Ocean's 14 were parked early on when cast member Bernie Mac - who played Frank Catton - died in 2008.
Cast member Don Cheadle has been reported as saying: 'We were talking about it, and then Bernie passed, and very quickly we were like, "No, we don't want to do it."'
Last year in an interview with Good Morning America, Matt Damon said ultimately the decision had to be made by the franchise's director, Steven Soderbergh.
"It would always be up to Steven Soderbergh if there was a story," Damon said.
"We have lost a couple of our members, so we would have to figure it out, we are a depleted gang now," he said, referring to Carl Reiner, who played Saul Bloom, who died in 2020 aged 98.