Jackson, who starred as Elijah Price for the filmmaker's grounded take on the superhero genre in 2000, told The Huffington Post that Shyamalan originally planned to make an Unbreakable trilogy.
"There was supposed to be three. I don't know [what happened to the sequels]," Jackson said. "You'll have to ask the brilliant director who wrote it and didn't do the rest of them. I mean, he hasn't made a really good movie since then."
The Avengers star Jackson compared Shyamalan's career trajectory to Quentin Tarantino's. Both directors experienced commercial failures with their respective follow-ups to Pulp Fiction and The Sixth Sense.
"He suffered from what happened to Quentin when he made Jackie Brown. He didn't make Pulp Fiction 2, he made Jackie Brown - which is a wonderful f**king movie," Jackson explained.
"Unbreakable also didn't have the numbers of 'I see dead people'. That was a problem for him... for his ego and the studio, also."
Jackson added that he still believes there is an audience for Unbreakable 2, but doubts Shyamalan would want to make it.
"Everybody would be waiting for it, yeah," he said. "It would be crazy for it. It would trend through the roof now on Twitter. But Quentin makes movies that Quentin wants to see. I don't think M Night makes movies for the same reason."
Further comparing the two filmmakers' attitudes to making movies, Jackson said: "[With Shyamalan] there's, you know, 'I'm smarter than everybody coming to watch my movie'.
"Quentin's not that. He's just, 'I want you to love my movie. I want you to love it and enjoy it because this is f**king cool'."
Jackson can next be seen in Tarantino's Django Unchained, while Shyamalan's blockbuster After Earth - starring Will Smith and Jaden Smith - will open next summer.
Watch the Unbreakable trailer below: