Daniel Craig has told studio bosses he is "done" playing 007.
The news comes just days after bookmakers called off bets on Cambridge-educated Tom Hiddleston becoming the next James Bond.
Daniel is the highest-paid actor to play the role, netting a reported total of £38 million (Sh6 billion) for the four films he has appeared in.
He has played Bond since 2005 and helped bank well over £2 billion (Sh290 billion) in box office revenue, helping ease MGM’s bankruptcy issues.
Insiders said Daniel turned down a £68 million (Sh10 billion) offer from MGM studio to return as Bond for two more films following last year’s hit Spectre.
The sum included endorsements, profit shares, and a role for him working as a co-producer.
One LA film source said: "Daniel is done – pure and simple – he told top brass at MGM after Spectre.
"They threw huge amounts of money at him, but it just wasn’t what he wanted."
He added: "He had told people after shooting that this would be his final outing, but the film company still felt he could come around after Spectre if he was offered a money deal."
Another source said that executives had finally agreed to let the actor go after growing tired of his criticism of the franchise.
The 48-year-old actor told interviewers last year that he would rather "slash my wrists" than agree to do another Bond film.