In a recent interview with The Hollywood Reporter, the 54-year-old comedic actor spoke on his career, including the real reason why his Holiday classic never saw the light of day.
"I would have had to promote the movie from an honest place, which would’ve been, like, ‘Oh no, it’s not good. I just couldn’t turn down that much money,’" Ferrell says.
"And I thought, ‘Can I actually say those words? I don’t think I can, so I guess I can’t do the movie.’"
In a 2013 appearance on Bravo's "Watch What Happens Live," Ferrell jokingly echoed his recent sentiments of wanting nothing to do with an "Elf" follow-up film.
"It would look slightly pathetic if I tried to squeeze back into the Elf tights."
"Elf," released in 2003, follows Ferrell as Buddy the Elf. His character leaves the North Pole for New York City in search of his biological father. The now Christmas classic was a box office success, grossing $220 million.
Sequels are no issue for the former "Saturday Night" Live star. They just have to be good.
Despite walking away from the Elf sequel, he says the "Anchorman" sequels, which he co-wrote with frequent collaborator Adam McKay, was "a sequel worth having."