Gary Miller/Getty, Paramount Network / Courtesy Everett Collection
There may be big changes coming to Yellowstone!
Matthew McConaughey is reportedly in talks to star in a spinoff of the popular Paramount+ series as Kevin Costner considers exiting the show to focus on directing and starring in the upcoming Western film Horizon, according to Deadline.
A spokesperson for Paramount Network tells PEOPLE that they hope to have both stars be part of the Yellowstone family.
"We have no news to report. Kevin Costner is a big part of Yellowstone and we hope that's the case for a long time to come," the spokesperson said in a statement. "Thanks to the brilliant mind of Taylor Sheridan, we are always working on franchise expansions of this incredible world he has built."
The statement continued, "Matthew McConaughey is a phenomenal talent with whom we'd love to partner."
Kevin Lynch for Paramount Network
A source familiar with the situation also tells PEOPLE that Yellowstone creator Taylor Sheridan and McConaughey, 53, are looking to join forces on screen.
"Matthew and Taylor are fans of each other's work and have been speaking about ways they can work together," the source says.
Reps for McConaughey and Costner did not immediately respond to PEOPLE's request for comment.
Paramount Network Kevin Costner in Yellowstone
The actor stars in the series as John Dutton, the patriarch and owner of Montana's largest ranch as he navigates conflict within his own family and with the bordering Broken Rock Indian Reservation, national park and developers.
Since its debut in 2018, Tyler Sheridan's series has inspired multiple spin-offs, including the prequel 1883 starring Tim McGraw and Faith Hill, and the Helen Mirren and Harrison Ford-led prequel, 1923.
1923 was recently renewed for a second season.
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Costner previously told PEOPLE he thinks what "makes the show so successful" is how it's intentional with its world-building and character development.
"I've always believed a good Western isn't always just rushing towards its gunfight," he said in June. "If you can create language and situations, and then you end up at a gunfight, I think it can be an amazing movie or TV show. But I think if you're trying to get there so fast that you don't understand the people, or it's not complicated, then it's a problem."
Costner also said he returns often to the western genre because he's intrigued by capturing "the authenticity of what it took to come across the ocean to move west where there was no law, there was no protection."
He continued, "To drag your wife and your children and put them in imminent danger — people thirsted to have something of their own."
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Yellowstone is currently streaming on Paramount+.