It was assumed Aykroyd would once again play his iconic character, Ray Stantz, since he has been talking about the film since its development, but he had not confirmed it until now, reports hollywoodreporter.com.
"I'm not in the pictures so much anymore. We've got the 'Ghostbusters' movie that we're working on now and I will be performing in that," Aykroyd said during an interview on The Joe Rogan Experience podcast.
"Ivan Reitman's son Jason has written a new movie called, well, it's gonna be 'Ghostbusters', the third movie. It will be all, most of the original people and then young stars."
Ivan Reitman directed both Ghostbusters (1984) and Ghostbusters II (1989). Jason developed, and is currently directing, a new story in which it appears the old guard meets a younger generation of "Ghostbusters".
Paul Rudd and Finn Wolfhard are set to appear in the movie.
Sigourney Weaver also has said she will appear in the film, and Aykroyd told Rogan he hoped Bill Murray would also come on board.
The characters from the 2016 all-female led Ghostbusters reboot will not be a part of the new movie, which will take place after the events of "Ghostbusters II", the younger Reitman previously said.
Aykroyd told Rogan he thought the 2016 reboot was a good film, but there were just aspects that did not work.
"Ghostbusters 2020" is due in theatres July 2020.
( With inputs from IANS )