Bill Murray has pulled out of Ghostbusters 3, according to his co-star Dan Aykroyd.

After months of negotiations, the Canadian actor has revealed Murray will not be returning as the scheming Dr Peter Venkman.

But Aykroyd is pressing on regardless with the project to revive the 1980s hit films about parapsychologists in New York.

"He (Murray) won't be involved ... It's sad but we're passing it on to a new generation," Aykroyd has told Metro magazine.