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The American filmmaker - whose last film was the hit comedy Bridesmaids - developed the most recent draft of the script and was set to helm the sequel but he has been allowed to walk away after bosses concluded the story, which is set in the UK, needed a Brit to bring it to life, according to Deadline.com
Renee Zellweger is reprising her role as the unlucky-in-love English title character, while Hugh Grant and Colin Firth are rumoured to be returning as her love interests Daniel Cleaver and Mark Darcy respectively.
Bridesmaids sequel
Production on the sequel - which is being produced by Universal Studios and Working Title - is due to begin in January.
Although Feig has lost out on Bridget Jones 3, the director has two projects in development.
The first is a new comedy movie he is writing and is set to direct in which Jon Hamm will play a guy obsessed with a girl played by Melissa McCarthy. The film is also being produced by Judd Apatow.
The 49-year-old movie maker is also in discussions to shoot a Bridesmaids sequel after the original film - which starred Melissa, Kristen Wiig and Rose Byrne - grossed $286m worldwide.
