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If you were looking forward to seeing Arnold Schwarzenegger reprising the role of Conan the Barbarian, then I’m afraid we have some bad news for you as producer Chris Morgan has revealed that the long-gestating sequel The Legend of Conan is no longer moving forward, although the character may get another lease of life on the small screen.

“At the end of the day, the studio decided that they weren’t gonna make that,” Morgan tells EW. “I gotta say, it’s honestly a heartbreak. I love that first movie so much, so much, it’s one of my favorite movies. We had Will Beall do a draft on [the Legend of Conan script]. He killed it. Our take was Conan, 30 years later, a story like the Clint Eastwood Unforgiven. It was so awesome. Ultimately, the budget was big, the studio was not really sure of the title, and the relevance in the marketplace. They ended up letting it go. I think they’re gonna look to do a TV show or something with it. But just to be associated with it, pitch it to Arnold, have him get so excited, there was a moment of magic for me, personally [laughs]. You never know, down the road we may revisit!”

SEE ALSO: Arnold Schwarzenegger would “absolutely” play another supervillain

The news of The Legend of Conan’s demise follows reports that Paramount allowed its option for Schwarzenegger to return for a Terminator Genisys sequel to expire (although Arnold still believes he’ll be back for another movie), while he also revealed that he won’t be returning for The Expendables 4 unless fellow action icon Sylvester Stallone is involved.

Schwarzenegger fans will be able to catch him back on the big screen this Friday with the release of his new film Aftermath; check out our review here.