The Life's Too Short star appeared as the evil creature of folklore in six previous instalments, but has suggested that he will not have a part in the remake.
He told Digital Spy: "I wish the film the best of luck. It would have been nice to have done something in it, even if it was only a cameo as myself, that would have been kind of fun. We'll see what happens there.
"There's a lot of fans out there for the series. I would have loved to have been a part of it. It wasn't down to me not wanting to do it, I wasn't asked."
Davis, who last portrayed the malevolent Leprechaun in 2003's direct-to-DVD release Leprechaun: Back 2 tha Hood, went on to say that a fresh start could be beneficial for the series.
"All projects have to go through another phase, they move on. So maybe this is the next phase in the Leprechaun franchise's life," he added.
A cast and director for the Leprechaun remake have not been announced.
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Watch a trailer for the original Leprechaun below: