He said that despite the project coming "very close" to being made, there's no need for the game's universe to hit the big screen.
"But for us there's no burning [desire] to have a movie made just to get it made," he told Industry Gamers.
"For us and for Take-Two, it's really got to be something that will a) give the fans something that they want, and b) for those who don't know BioShock, really introduce them to something that is consistent with the game, and is it going to be a good representation of the game?"
He continued: "There are differences between games and movies, no doubt, but the movie has to draw from the same DNA in terms of the world and the story beats. But you know, we don't have a need to get it made."
In 2009, a deal with Universal was in place, with Pirates of the Caribbean's Gore Verbinski attached as the director.
However, the project was soon abandoned due to budgetary constraints.
Earlier this year, Levine said that the movie could still go ahead, provided they had all the "pieces in place".
BioShock will return with BioShock Infinite on Xbox 360, PlayStation 3 and PC early next year.