Bill Murray has officially pulled out of the Ghostbusters sequel, according to his co-star Dan Aykroyd.

After months of negotiations, the Canadian actor has revealed Murray will not be returning as scheming Dr. Peter Venkman in a planned Ghostbusters 3 movie.

But the Blues Brothers star is pressing on with the project regardless.

He tells Metro magazine, "He (Murray) won't be involved... It's sad but we're passing it on to a new generation. Ghostbusters 3 can be a successful movie without Bill. My preference would be to have him involved but at this point he doesn't seem to be coming and we have to move on. It's time to make the third one."