Time for Steve Guttenberg to revive Officer Mahoney.
From what I hear, this may well be in the works, and The Gutt has said he's interested. Not sure if the script that's making the rounds is for yet another sequel (Police Academy 8) or a pseudo-remake with Mahoney revamped as an instructor.
Curiously, after virtually disappearing for close to 10 years, the Guttenberg seems to be making a major comeback of sorts, having done a buttload of guest spots on various TV dramas in the past couple of years. and with 6 films (2 completed, 4 in post-production) scheduled to come out this year and in 2009.