The 'Anchorman' actor starred in the 2003 Christmas comedy, opposite James Caan and Zooey Deschanel, and it has gone on to become a cult favourite among fans, reported Digital Spy.
However, Ferrell has stated that he will definitely not film a second instalment, as he does not want to dress up as Buddy again.
When asked if there would ever be an 'Elf 2', he replied, "Absolutely not. It would look slightly pathetic if I tried to squeeze back into the Elf tights."
Will Ferrell currently stars as Ron Burgundy in 'Anchorman 2: The Legend Continues'.