The 68-year-old actor has portrayed the iconic serial killer Freddy Krueger. New Line Cinema is in the early stages of developing a new "A Nightmare on Elm Street (2017)", reported Ace Showbiz.
Englund took to Twitter to inform fans that he would not star as Freddy.
"Just for the record, I will NOT be starring as Freddy in any new Nightmare projects, real or fictional," he wrote.
New Line executives Richard Brener, Walter Hamada and Dave Neustadter will oversee the project on behalf of the studio.
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