The actor - who played Gavin's dad Mick Shipman in the BBC comedy - said that creators Ruth Jones and James Corden are focusing more on the new US version for the time being.
Speaking at the Arqiva Commercial Radio Awards, he said of the prospects of a new series: "Not a chance in hell.
"They're busy doing an American version of it. I think that's the next time you'll see it."
He also stated that he has "no idea" whether the show will work in America.
Gavin & Stacey has been remade by Fox in the US under the title Us & Them, with Jason Ritter and Alexis Bledel taking the lead roles.
Wayne's World actor Kurt Fuller will play Larry Lamb's equivalent role of Gavin's dad Michael.
Lamb went on to describe reuniting with his Gavin & Stacey co-star Alison Steadman on ITV's Love and Marriage as "lovely".
The actor - who played Archie Mitchell in EastEnders - added that he still watches the BBC soap as "there are friends of [his] still in it".
He also wished "good luck" to his former on-screen daughter Samantha Womack, who will be returning the soap as Ronnie Mitchell later this year.
Watch a trailer for Us & Them below: