The 55-year-old comic actress had revealed two years ago that she was working on a script for a feature film, reported Daily Mirror.
"The film will never happen. 'Ab Fab' is in such a nice place now. There's such a danger we could ruin it," she said.
Saunders loved working on the show - in which she played hard-partying PR agent Edina Monsoon opposite Joanna Lumley as magazine editor pal Patsy Stone - and said filming often had to be halted when she and her co-stars, which also included June Whitfield and Julia Sawalha, got the giggles.