Will Ferrell turned down a huge fee to make Elf 2

There are definitely thousands, if not millions of people out there who would pay good money to see a sequel to Will Ferrell's iconic film Elf, but apparently not even a big wad of cash could convince the actor to revive Buddy.

"First, we'll make snow angels for two hours. And then we'll go ice skating. And then we'll eat a whole roll of Tollhouse Cookie Dough as fast as we can. And then, to finish, we'll snuggle."

That's just one of many, many iconic lines spoken by Ferrell in his Christmas film, which - can you believe? - turns 20 years old next year.

He's obviously spoken a lot of different lines and presented himself in numerous different roles since then, but many Christmas lovers will struggle to ever see him as anything but the excitable Buddy who just wants to spend his time asking people their favourite colour.

The film is so loved that many fans have called for a sequel over the years, and you might be either delighted or devastated to hear that one was actually written - just never made.

In an interview with The Hollywood Reporter, Ferrell admitted that he never expected Elf to be the hit that it was. He recalled thinking, while dressed in his yellow tights, 'this could be the end'.

Remembering calls with his manager about test screenings, the actor said: "He was like, ‘Well, the family one went great, but we could really get eviscerated in this next one. I’m looking at a bunch of what look like USC frat boys about to go in'.

"Then later I hear, no, that group actually liked it, too.”

Warner Bros.

The success of the film inspired the sequel, but Ferrell explained that he wouldn't have been able to promote a follow-up without being honest about why he'd taken the job - which was, of course, a giant hunk of money.

Had Ferrell accepted a return as Buddy, he would have walked away with a cheque for $29 million (£23.6m).

I know a lot of people who would put on an adult-sized elf outfit for a lot less, but Ferrell explained: "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.'

"And I thought, 'Can I actually say those words? I don't think I can, so I guess I can't do the movie.'"

Though we probably won't be seeing Buddy again any time soon, Ferrell has recently returned to a festive role as he starred alongside Ryan Reynolds in the Apple TV+ Christmas film Spirited.