Aykroyd, who wrote and starred in the original 1984 supernatural comedy and the follow up in 1989, said that the film can still be successful without the 61-year-old star, reported Daily Mail online.
"It's sad but we're passing it on to a new generation. 'Ghostbusters 3' can be a successful movie without Bill. My preference would be to have him involved but at this point he doesn't seem to be coming and we have to move on. It's time to make the third one," Aykroyd said.
The original film saw Murray, Aykroyd and Harold Ramis star as three unemployed men who set up a ghost catching business.
Aykroyd said that the latest installment will be in production next year.
"We're working on it to make it just right to satisfy our fans. I'm confident we'll be in production in the next year. We've got the studio on side. We've tried a few concepts which weren't right but now we've got a good structure and will make it happen," he added.