"Both Tom and I, who met yesterday for our little guy's lunch, we were both very very affected by the end of the movie," Allen, 65, told Entertainment Tonight on Wednesday. "So much so that he had turn around. He couldn't even deliver his end of it, [and] I couldn't deliver my end of it."
"This has been over 20 years of he and I doing this, and it's made an impact on both of our lives our families lives," he added.
He teased of the Pixar franchise's next installment, "It's a love story between Tom and his love interest… and then Buzz has to make a decision on how to move on with his life cause Woody's making some different decisions… It's so funny and so bright and so interesting and so affecting, towards the end."
As for how many more "Toy Story" films to expect, the "Last Man Standing" star was open to the possibilities.
"Once you've gotten to four, you're passed that trilogy [point], so I don't see any reason why they wouldn't do it, certainly," Allen shared. "If you ask me, I'd say do five."