The comic cemented his big screen career when he introduced his dim-witted newsreader to film fans in 2004. He was eager to shoot a sequel but after a successful pitch from Ferrell and his cast to bosses at Paramount, executives went cold on the idea of a second movie.
And Ferrell insists he doesn't harbour any ill feelings over the snub - because he's proud fans protested against the decision on internet film forums.
He tells Britain's Empire magazine, "The ball is in Paramount's court. We talked to all the guys, and we got it all set out. We made the pitch and they were like, 'We're really excited,' but it was almost like a fake offer to do the movie."
"But the great upshot of all this is that the responses have been so flattering - there's been an outcry. If it doesn't happen, we'll be heartened to know there was an outcry for it, and if it does, then we'll get to make it."