Moviehole spoke to Will Ferrell about his upcoming film roles. The actor will not participate in Elf 2, but may return for Old School 2:

In an interview with Moviehole today, Will Ferrell denounced plans for an Elf 2 stating that although it was in the works - New Line had tried to talk him into doing a sequel to the family comedy hit - he rejected the idea.

"Elf 2 got killed", says Ferrell. "I killed Elf 2".

New Line's Toby Emmerich said they would only ever do the sequel - which New Line exec VP of production Kent Alterman was rumoured to be directing - if it were with Will. Since its not, it isn't happening.

As for Old School 2, that's still a possibility. "Old School 2 is apparently being written," he says.