It stars Daniel Kaluuya as a black man, Chris Washington, who is preparing to meet the family of his white girlfriend, Rose Armitage for the first time.
What starts off as an uncomfortable satire on how black men are treated in white America, Get Out descends into a chaotic horror with plenty of twists and turns to keep the audience guessing.
Peele previously fuelled speculation surrounding a potential sequel, saying "Never say never" when asked about the possibility of directing a second movie.
Without giving away any spoilers, the very end of the movie leaves the potential for another story to be told, and the Us and Nope director seems open to the idea.
"I do get asked that a lot," he told AP.
"Never say never. There’s certainly a lot to talk about left. We’ll see."
There has been speculation that any sequel to Get Out might actually come in the form of a prequel, though audiences will naturally be keen to see Kaluuya return as Chris.
Peele to Kaluuya: You're my De Niro!
Peele and Kaluuya worked together again for the director's horror release, Nope.
In a recent interview with Empire, Peele compared his and Kaluuya's relationship to that of Martin Scorsese and Robert De Niro, who have worked together to huge success in their respective careers.
“It’s so funny but by the point I was in the middle of Get Out, that’s what I was telling him. I was like , ‘You’re my De Niro, man. You’re my De Niro'
“We do have a bond. The first big movie he was a lead in, and my directorial debut, was Get Out.
“And we bonded because we went through that together. In the beginning of that, it feels like two people who have faith in each other, then by the end, it all works. So I just couldn’t wait to further that relationship and explore a completely new character with Daniel.”