In a new interview, the actor revealed that there is a subtle, meta connection that addresses the character's appearance in the previous film, although it doesn't include Hugh Jackman's character.
"I don't think you can do that, because that character would really sully that whole world. The script is one rewrite away from Deadpool jumping across the desk at the studio executive and attacking him. But I've always wanted to do the movie just if only because Deadpool would get to do his own movie trailer. So that's a thing that we were dying to do and we would love to be a part of that. I don't know how it would fit though, no. In the current iteration of the script, it doesnt address Wolverine - though it does address Deadpool's appearance in Wolverine. Deadpool was not happy with Deadpool in Wolverine. He has a sort of a WTF!? moment with that."
"I love Deadpool and there is a script that's in development. But it's so, so far into the R-rated zone... it's a nearly NC-17 world and I just don't know if the studio would ever risk their reputation doing it. We've been developing it and we would never wanna do it unless you could it that R-rated way, so... [The Deadpool script has] got a similar tone [to Zombieland], almost. They wrote it and they developed it as well and, you know, it's sitting there. You could do it for a pittance compared to the modern sort of epic scale superhero movies, but it's about a guy who knows he's in a movie and knows he's in a comic book who is deeply mentally disturbed and hyper violent. And that's tough to get by a studio."
You can CLICK HERE to listen to the full podcast interview, with Ryan Reynolds' segment starting at the 48:50 mark.