Lethal Weapon 5 would have had an older Riggs and Murtaugh trapped in a New York blizzard fighting a new enemy.
The project is said to be a hybrid of a sequel and a remake, following Riggs' son as he tries to follow in his father's footsteps as a cop.
The actor is rumored to be meeting with Joel Silver about reprising his role as Martin Riggs.
Screenwriter Shane Black confirms the popular series will not be back.
Richard Donner, director of the first four films, is out and he says Mel Gibson passed on the fifth film as well.