Zac Efron has laughed off speculation he has turned down the chance to star in High School Musical 3, insisting he'd "definitely like to be a part of it".

The Hairspray heart-throb, 19, and girlfriend and co-star Vanessa Hudgens, 18, were rumoured to turned down $1 million offers to reprise their roles as Troy Bolton and Gabriella Montez on the big screen next year.

While Efron admits he is still in negotiations with Disney over the third movie, he is adamant he would love to play Bolton one more time.

He says, "I can't confirm anything at the moment. All I can say is that High School Musical is a very fun project to be a part of and I think I'm very blessed to be in this group. There would be nothing more enjoyable for me. I think a third movie would be a testament to what we started out as. I'd definitely like to be a part of it."