No 'Ghostbusters 3' without Bill Murray

Ghostbusters 3 will be cancelled if Bill Murray turns down the chance to reprise his role as Peter Venkman.

According to Deadline, studio Sony Pictures is unwilling to risk mounting a second sequel in the big budget comedy franchise unless Murray agrees to join old cast-members Dan Aykroyd, Harold Ramis and Ernie Hudson.

"The studio won't even think about [going] forward on a $150 million film unless Bill has a closed deal and a commitment," an insider is quoted as saying. "It's too huge a risk to do any meaningful prep, hoping he shows up."

Aykroyd and Ramis recently delivered a revised script, by Office duo Lee Eisenberg and Gene Stupnitsky to Murray, who is notoriously difficult to contact as he has no agent or publicist.

Murray has previously dismissed the notion of starring in a third Ghostbusters outing, although his involvement in the 2009 video game and an appearance in a boiler suit and replica proton pack during last year's Spike TV Scream Awards have indicated that he may be open to a return.

Director Ivan Reitman is on board to steer Ghostbusters 3, which Sony hopes to release in cinemas in December 2012.