The beloved holiday movie turns 20 this year.

Jon Favreauis no cotton-headed ninnymuggins.

“I think there’s always room for new Christmas movies,” Favreau toldVarietyin an interview published Monday.

Will Ferrell and Jon Favreau on the set of ‘Elf’

Will Ferrell and Jon Favreau on the set of ‘Elf’.Everett Collection

“That particular film, I don’t know what story would be told after that.

It’s very complete.”

Zooey Deschanel,Mary Steenburgen,Ed Asner, andBob Newhartalso appear in supporting roles.

Favreau said he very much set out to make a perennial hit two decades ago.

In 2016,Favreau said that talks of a potential sequeloften came up in meetings with studio bigwigs.

“The director and Will didn’t get along very well.

Will wanted to do it, and he didn’t want the director.”

I just couldn’t turn down that much money," the actor toldThe Hollywood Reporterin 2021.

“And I thought, ‘Can I actually say those words?

I don’t think I can, so I guess I can’t do the movie.'”