The actor starred in four Lethal Weapon films between 1987 and 1998, and confirmed to Coming Soon that he would not consider appearing in a fifth instalment.
Asked whether there was any way he could be enticed, Gibson said: "No. I think the way things are going with Total Recall, they'll just remake those somehow.
"Though it's really tough to replace Danny [Glover]. He was so amazing in those things. It was a good gig for us. It worked. But we knew it would."
"I had fun on every one of them," Gibson added regarding his experience of making the Lethal Weapon films, "and they were lucrative and good to me.
"And they really afforded me the opportunity to slow down and pick things and do things that really interested me. Like this Gringo thing which didn't pay but it was a good thing to have done."
A Lethal Weapon reboot was reported to be in development last year, featuring the same characters but an entirely new cast.
Original franchise director Richard Donner recently detailed the plot of the fifth film he once planned to make.
Watch the trailer for Lethal Weapon 4 below: