Speaking at the San Diego Comic-Con, he told ShockTillYouDrop that New Line is discussing making the new version without his involvement.
The original 1984 film, which Craven wrote and directed, centred on Freddy Krueger, a serial killer who haunts the dreams of sleeping children.
Cape Fear writer Wesley Strick was recently hired to script the remake.
However, Craven revealed that he has not ruled out some involvement in Scream 4, which was confirmed by the Weinstein Company earlier this month.
He said: "There has been contact. I haven't spoken to Bob Weinstein but they have checked with my agent. I'm not saying 'no'."