The US sports drama - based on the 2004 film of the same name - wrapped its TV run in February 2011, with rumours about a possible new film spinoff having circulated ever since.
However, Chandler - who played football coach Eric Taylor - told MTV News: "My general attitude about Friday Night Lights is, it was a great movie with Billy Bob [Thornton, who starred in the original film] and it was a great TV show."
He added: "They ended it at exactly the right time and in exactly the right way, as well."
Chandler's co-star Connie Britton (Tami Taylor) previously claimed that a Friday Night Lights movie was still in the works.
"I've seen an outline," the Nashville actress said in July. "I know there's a script that [show creator] Pete Berg and his producing partner Sarah Aubrey are excited about."
Friday Night Lights is currently airing in the UK on Sky Atlantic.
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Watch a promo for the final season of Friday Night Lights below: