Will Ferrell has opened up about why he turned down $29million to make Elf 2.

The original Elf raked in £222million at the box office back in 2003 and has since become a firm festive favourite.

However Will, 54, bulked at the idea of donning his yellow tights to play Buddy the Elf again as he said the premise for the sequel presented to him at the time was too similar to the original film.

“I would have had to promote the movie from an honest place, which would’ve been, like, ‘Oh no, it’s not good. I just couldn’t turn down that much money,’” he told The Hollywood Reporter.

Adding: ““I thought, ‘Can I actually say those words? I don’t think I can, so I guess I can’t do the movie.’”

He has previously revealed how he once feared that Elf would end his career.

Appearing on James Corden’s The Late Late Show, he explained: “The first two weeks of shooting were kind of all the exteriors in New York and so, you know, still kind of discovering what this movie’s going to be and running around New York City in yellow tights.

“People recognising me from Saturday Night Live going, ‘Are you okay? What’s going on?’ and thinking to myself this is either going to be a home run or people are going to go, ‘Whatever happened to you? Why did you do that one about the elf?’”

Thankfully it all came good in the end, even if it’s a no to a sequel.