The actor, who also portrayed the Caped Crusader's sidekick in Batman & Robin, told Access Hollywood Live that the idea was scrapped when Joel Schumacher's second film bombed.
"They were going to do [a Robin film] back in the day, and then the second one we did was such a bomb, they were like, 'Scrap that'. That was the end of that," he explained.
O'Donnell also revealed that he was offered the lead part in Men in Black before Will Smith joined the project, but did not go into specific details about why he passed on the role.
Batman & Robin was the fourth in the Batman series that began with Tim Burton's 1989 film. The movie sparked a backlash from fans and critics, influencing Warner Bros to reboot the series.
A third Schumacher-helmed film titled Batman Triumphant was also scrapped due to Batman & Robin's reception.
Watch a trailer for Batman & Robin below: