Pegg, 45, is currently co-writing the third movie since the reboot of the franchise and will also reprise his role as Scotty, reported Digital Spy.
Shatner did not feature in "Star Trek" or "Star Trek Into Darkness", but has been tipped for a role in the third movie.
His original series co-star Leonard Nimoy, who passed away earlier this year, appeared in both.
Pegg said the title of the film - rumoured to be "Star Trek Beyond" - was still "all to play for".
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