The 48-year-old starred opposite Melissa McCarthy in the movie, directed by Paul Feig, reported Aceshowbiz.
"I know they say never say never, but right now, I can't imagine it," Bullock said.
The movie had performed well at the box office, snagging more than USD 130 million as of July 23.
"If you look back on my illustrious sequel work, nothing has proven successful. A sequel is such a daunting thing, because you don't want to lose the magic and the charm of the first one," Oscar-winning Bullock laughs, referring to her sequels, "Miss Congeniality 2: Armed and Fabulous" and "Speed 2: Cruise Control", which all bombed at the box office.
Director Feig said that Katie Dippold, who provided him with the script of "The Heat", has started working on the next instalment.
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