The rapper - real name Ben Drew - previously stated his desire to form a band to record a punk-influenced record, but has since had to re-evaluate the project due to being too busy.
Drew told the Daily Star: "I've had to knock the band on the head. There are only so many hours in the day and to keep the quality levels up I've had to put a halt to some projects, including the band.
"It's sad but I have to give my all to the things I can do. So I'm working on The Sweeney and making a new album."
The star has been focussing on his new movie iLL Manors, which he has written, directed and stars in, as well as recording the accompanying soundtrack.
He added: "Life is so busy that I'm sleeping in my clothes some days. I can't stop and I don't want to. There's so much I want to achieve and I owe it to the people around me to keep going.
"The kids around me, like the cast you'll see in iLL Manors, have worked so hard to escape their problems. And they look up to me for what can be achieved with graft, so I can't slow down now."
iLL Manors will be released in the UK on May 7.
> Plan B film 'iLL Manors' shocks critics
Listen to Plan B's new track 'iLL Manors' below: