The telecoms company trialled the return of the character for its marketing around the Paralympic World Championships in Manchester in May this year.
Buzby also appeared at the top of the BT Tower in London, flying around its LED information band as part of the activity.
BT is now in talks with “Buzby’s agent” about using him to appear as a mascot at London 2012 and its advertising campaigns surrounding the Games.
The telecoms company is the official communications services partner of the London 2012 Olympics and Paralympics and has a long history of supporting disability sport in the UK.
The first BT Buzby advert was launched in May 1976 and the “Buzby Club” for children was formed in 1977, which had 50,000 members at its peak. The company ceased using the character for its advertising campaigns in April 1985.
BT has since used a range of brand ambassadors, including its fictional couple Adam and Jane, who recently “married” as part of a crowd-sourced ad campaign.
BT Buzby advert from 1978:
Read our cover feature about the benefits of sponsoring the Paralympics in this week’s Marketing Week magazine, out Thursday