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Ivan Reitman explains why he won’t direct Ghostbusters 3

A third film in the Ghostbusters franchise has been in development for years now, with the most recent rumor indicating that Bridesmaids director Paul Feig was the frontrunner for the project after director Ivan Reitman — who helmed both Ghosbusters and Ghostbusters 2 — declined to get behind the camera for the sequel. During a recent interview, Reitman discussed his reasons for leaving the director’s chair, and why he hasn’t actually cut ties with the supernatural comedy franchise.

“I am very involved. I’m a producer of the film,” he told Coming Soon when asked about some of the recent developments on the third Ghostbusters movie. “I wasn’t giving it all up.”

After Reitman confirmed in March 2014 that he wouldn’t direct the third film in the series, there was rampant speculation regarding the future of the franchise, which celebrates its 30th anniversary this year. The most recent report had the studio targeting the Bridesmaids and The Heat director as Reitman’s replacement and considering an all-female cast for the film.

Related: Ghostbusters returns to theaters and gets a new Blu-ray for its 30th birthday

“I suddenly felt that Ghostbusters didn’t necessarily need me as a director, at least I didn’t need to direct Ghostbusters, let me put it that way,” he said of his reasons for vacating the director’s chair. “Having done the other two and with the passing of Harold and with Bill Murray seeming disinterested in being in it, I thought it was better for me just to produce it and to make sure we’re going to have the quality and style of what is appropriate for another version of that film.”

“But the franchise could benefit from somebody else’s point of view,” he added. “I’ve done it twice before and it will be great to get somebody else to lend a hand as well.”

There’s currently no timetable for the film to begin production.