"There's definitely a possibility - stop short of saying a probability," Tarantino told host Ben Mankiewicz.
Tarantino said he wanted to give the character Beatrix Kiddo, played by Uma Thurman, a break, so if the third film does happen, there would be a time jump.
"I put the character Beatrix Kiddo through a lot, and so I wanted her to have this much time for peace," he said. "I wanted her to have some time with her daughter and not have to be in the genre machine and enjoy her life for a while."
He also added that he believes the "Kill Bill" films are his most "visionary cinematic contribution."
"Since then, my work has taken a turn for the literary, and it's denser and denser with this one ['The Hateful Eight'] probably being the densest of the group... It would be nice to go back to just a visceral world that's not about the words anymore," he said.
Watch the full interview below. "Kill Bill" is mentioned around 58:00.