In an interview with the LA Times, the studio's president Dan Houser revealed that the idea was considered, but then dismissed.
"We don't believe that the Grand Theft Auto games, which are massive in scope and structurally complex, can be adequately compressed into a two-hour movie," he said.
"It seems obvious to us that maintaining the long-term integrity of any entertainment property has been dependent on not making substandard spin-off products to people whose primary interest is making a quick buck.
"If we ever decide to do a film, it will be because we have resolved our creative doubts, and while retaining enough control to ensure that if the movie is terrible, at least we will know we ruined the property ourselves.
Rockstar is currently preparing more downloadable content for GTA IV, with The Ballad Of Gay Tony scheduled to arrive on Xbox Live Arcade in October.