Paulson said that although nothing was official about the series - which Murphy teased during a recent Zoom call with the cast - she was set to be involved in the project.
"I can't say anything about it except for that I hope to be directing the new [series]," she told The Hollywood Reporter. "I hope that will in fact come to fruition."
She added that although she didn't have anything concrete to report, she had had "fun, playful conversations with the man" and that the idea of her directing "has been floated about."
Paulson has previously directed one episode of American Horror Story, which she described as "a really confronting experience".
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"I realised how much of a 'hair on fire' kind of person I am rather than a 'go with the flow' kind of person. So I would really like to have another opportunity to be in that world that obviously, having been in for so many years, I feel about as comfortable as one could feel trying my hand at that."
And the actress added that she couldn't imagine there being any American Horror Story project that she wouldn't want to be a part of - whether that be a "spinoff, movie, play, projection from space".
The new spinoff series - reportedly called American Horror Stories - will be different from previous series of the hit show in that each episode will be self-contained, like anthology series such as Inside No 9 and Black Mirror.