Reynolds, 79, said Paul was "full of himself" and they just didn't click, reported Digital Spy.
"Personality-wise, we didn't fit. I think mostly because he was young and full of himself. Every shot we did, it was like the first time that shot had ever been done," Reynolds said.
"I remember the first shot we did in 'Boogie Nights', where I drive the car to Grauman's Theater. After he said, 'Isn't that amazing?' And I named five pictures that had the same kind of shot. It wasn't original. But if you have to steal, steal from the best."
In 2014, the actor sold several of his possessions including two Golden Globe awards and several film memorabilia items to meet his mortgage payments.
Anderson's most recent project was 2014's "Inherent Vice" starring Joaquin Phoenix, Josh Brolin, Owen Wilson, Katherine Waterston, Reese Witherspoon and Benicio del Toro.