BioShock was initially optioned in 2009 by Universal Studios with Pirates of the Caribbean director Gore Verbinski on board to direct.
28 Weeks Later director Juan Carlos Fresnadillo was then attached to take over after Verbinski stepped down to serve as producer instead. However, the film has since stalled due to budgetary concerns.
Levine has insisted that although they are keen to see a film of BioShock, they are in no hurry to produce the picture and want to see the source material done justice.
"There's a version of BioShock that makes a great game and there's probably a version of BioShock that makes a great movie," Levine told Industry Gamers. "We'd like to have a movie made, but it would have to be the right one.
"We got close to great people, but you always have to have all of those pieces in place and that's going to be very challenging."
Despite sounding unsure of the film's future, Levine assured fans that the project is still something they are actively pursuing.
"It's a moving puzzle, but I'm going to be continually talking to people about it. It's definitely something that's still in the conversation," Levine added.
Last year, Verbinski claimed that he was still keen to make the movie but was struggling to find a studio who would agree to keep the film R-rated.
Irrational Games are currently working on the third game in the series, BioShock Infinite, which is due out in 2012.