The Hollywood legend was recently said to be in talks to join the upcoming third instalment of the action franchise from Sylvester Stallone.
He stated that it is unlikely he will star in the film, but joked that he may direct it instead.
When asked if he may act in it, he told Extra TV: ''Probably not. I'm probably more apt to direct something. Maybe I'll direct Expendables 3.
''I haven't had the opportunity to see [The Expendables] yet. I haven't read any material.''
Eastwood also said that a new Dirty Harry film was also unlikely, as the character would probably just be out "fly fishing" somewhere.
Nicolas Cage, Harrison Ford and Sean Connery are other Hollywood action stars that have been linked to The Expendables 3.
Clint Eastwood recently said that he was pleased with the reaction to his controversial Republican National Convention speech.
Watch a trailer for The Expendables 2 below: