Many of its leading characters have already been killed off, but that may not stop a new series of Underbelly being made by the Nine Network.

The acclaimed TV series about Melbourne's deadly gangland war dramatises the rise and often bloody fall of real-life characters, many of whom are dead.

However, actor Les Hill, who stars in the series as gangster Jason Moran, says there could still be life in Underbelly, with a second series being considered.

"I spoke with (Nine chief executive) David Gyngell and he said go ahead and mention the fact that there is another series on the way," Hill told the Nine Network.

"They're looking at stories, they're investigating."

Nine, for which Underbelly has been a critical and ratings success, would say no more on Monday.

"All we have to go by is what Les Hill said at the Logies, no official statement has been announced," a Nine spokeswoman said.

The 13-part series, which premiered around most of Australia on February 13, portrays the underworld wars which raged in Melbourne between 1995 to 2004 and which left 27 people dead.

In the TV series, as in life, many of the major characters were rubbed out, including Hill's Moran, Callan Mulvey's Mark Moran and Vince Colosimo's Alphonse Gangitano.

Carl Williams, played by Gyton Grantley, survived the war, but has been jailed for life.

Some media reports suggest the second series could be a prequel.

The series is based on the book Leadbelly, by Fairfax journalists John Silvester and Andrew Rule, and was championed by Eddie McGuire when he was chief executive at Nine.

Underbelly has been banned from screening in Victoria until a current court case has been finalised.