The smash hit musical was released back in 2017, and in the years since, fans have hoped that a sequel may follow.
However, the star of the show Jackman has all but dashed these hopes.
Asked whether the sequel could happen - ahead of the release of his new film Reminiscence - the 52-year-old told LADbible: "I don't know, I don't think so. There's no script. I don't know what's happening with that.
"And you know, this was a Fox movie that is now a Disney movie, right? So I don't know what the plan is. I haven't heard anything. Honestly, I haven't heard anything.
"But it did take us eight years to get that first movie made, you know, to create and write music and build it. So if there's going to be a sequel, and I'm not going to be on a Zimmer frame, we better get going."
But the curtain may not have closed on the musical completely, as the Aussie wouldn't rule out donning his showman garb once again - provided there was a 'good reason', for him and viewers.
He said: "Hey, I'm no one to lecture about sequels; I think I did play Wolverine nine times.
"But for me, at this stage - if there's a good reason, and we have a good story to tell, and there's great music.
"But I know with musicals how hard it is. I'm not someone to go, 'Well, the first one is a success, so let's just do another one for the hell of it.' It's gotta be worthwhile."
Jackman's latest project, sci-fi film Reminiscence, sees him take on the role of Nick Bannister - a 'private investigator of the mind' who allows clients to access their lost memories.
Bannister's world is flipped on its head the day he takes on new client Mae (Rebecca Ferguson), who sends him on a troubling path to unravel a sinister mystery.
The movie is set in a semi-submerged Miami, plagued by riots and corruption - which sadly isn't a particularly far-fetched setting for a sci-fi film these days.
The film's writer, director and producer, Lisa Joy, told LADbible: "I don't think I'm telling people anything that hasn't happened in this year alone in America.
"The waters are rising, Miami is building dams to save the coastline, there were riots, there was unrest and inequality in terms of economics.
"That being said, my view on the future is not bleak, quite the contrary. I do think it is imperative that we acknowledge what is problematic about the world in order to build a better one. But I am hopeful about the future, I think that beauty can be found, even in a changing and difficult world."
She added: "I think that for science fiction to resonate, you can't feel too much of a distance between the world futurism and your current circumstances, or else the themes and the characters get less traction with an audience and a viewer."
She's not who you think she is. #Reminiscence comes to theaters and @HBOMax August 20th. Get tickets: https://t.co/cqdGqourqL pic.twitter.com/CUmGhEvX7N
- Reminiscence Film (@Reminiscence) August 10, 2021
It was Joy, and her vision, which drew Mission: Impossible star Ferguson to the film.
She told LADbible: "She's smart, she's colourful in her way of describing things.
"It's one thing when you read a script, it will come to life... the way I want it to come to life, but it will be different for her. So it was quite wonderful hearing her dream film come to life.
"And then Hugh was a part of it, and I knew I'd be safe with him. So it was not a question."
Reminiscence is in cinemas from Friday 20 August.
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