Naughty Dog said that it had "extensively" explored the idea of a new Jak & Daxter title, but felt that it was unable to give the fans the "game that they wanted".
"We'd all talked about it in interviews with fans asking, 'Where's the next Jak & Daxter?' I don't know if this is going to make them happy or sad, but we did explore the idea fairly extensively," Naughty Dog's Evan Wells told Game Informer.
"Something that we talked about early on was, 'Let's go back and apply what we've learned with the Uncharted games to Jak & Daxter'. It's one of the franchises that's near and dear to us, and, in all honesty, we'd like to somehow honour.
"Even if we felt like we're going to give the fans another Jak & Daxter, we felt we weren't going to give them the game that they wanted. We would end up limiting the direction that the company had this passion for while simultaneously not creating the game that fans wanted.
"We just realised we were going to just do everybody a disservice. So at that point, the conversations started to move in a new direction."
Wells did point out that there is a "possibility the Uncharted team could move on to Jak & Daxter", and that it would be "crazy" to rule out a future release.
Announced at last year's Spike TV VGAs, Naughty Dog's next release will be The Last of Us. The game follows two survivors, Joel and Ellie, in a world turned upside down by a fungus-like virus.
Work on the project began after Uncharted 2: Among Thieves, and it has been in development for over two years.
The Last of Us will be released exclusively on PlayStation 3 sometime in 2013.
Watch the announcement trailer for The Last Of Us below: