The Playing for Keeps actor starred as King Leonidas in the 2006 blockbuster but confessed that he has no interest in the follow-up 300: Battle of Artemisia, which is currently in production.
"Oh yeah, I'm not doing it," Butler told MTV News when asked of his possible involvement with the project.
"They're filming [the 300 sequel] right now. I wish them the best, but it didn't [work out]. It wasn't really my thing."
300: Battle of Artemisia will be directed by Noam Murro and will star Sullivan Stapleton, Joel Edgerton and Eva Green.
Warner Bros and Legendary Pictures reportedly dropped actor Jamie Blackley earlier this year from the project in favour of an unknown star.
Watch the trailer for 300 below: