The 26-year-old actress is currently gearing up for the release of "Beauty and the Beast".
Watson reveals that she felt her performance would not be best served by splitting time between Bill Condon's fairy-tale adaptation and Chazelle's tale about an aspiring actress in love with a jazz pianist, reported Entertainment Weekly.
"It's one of these frustrating things where sort of names get attached to projects very early on as a way to kind of build anticipation or excitement for something that's coming before anything is really actually agreed or set in stone," Watson says.
"And this wasn't a movie I could just kind of parachute into. I knew I had to do the work, and I had to be where I had to be. So scheduling conflict-wise, it just didn't work out."
The role ultimately went to Emma Stone, who won the best actress Oscar at this year's Academy Awards for her performance in the candy-colored love story.
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