The filmmaker will serve as a producer on the sequel, claiming that the film 'didn't necessarily need him as a director', reported Digital Spy.
"I am very involved. I'm a producer of the film. I wasn't giving it all up. I suddenly felt that 'Ghostbusters' didn't necessarily need me as a director, at least I didn't need to direct 'Ghostbusters', let me put it that way," Reitman said.
"Having done the other two and with the passing of Harold Ramis and with Bill Murray seeming disinterested in being in it, I thought it was better for me just to produce it and to make sure we're going to have the quality and style of what is appropriate for another version of that film.
"But the franchise could benefit from somebody else's point of view. I've done it twice before and it will be great to get somebody else to lend a hand as well," he added.
The most recent rumours regarding the long-awaited sequel is that 'Bridesmaids' director Paul Feig could be fronting a female-led 'Ghostbusters 3'.