Will Steve Martin be playing the proud papa once again in a rumored third installment of Father of the Bride?

ET chatted with the 70-year-old actor at the ACE Eddie Awards honoring Nancy Meyers, where he opened up about the possibility of another film -- and you're not going to like what he has to say.

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"I don't think that's gonna happen,” he explained. "I'd have to play a grandfather -- do I want to do that? Yeah, of course I do, but I think we've seen enough."

"But, you know, I think another generation will make that movie again," he added.

Martin was in attendance at the event after he was personally asked by Meyers to present her with the Career Achievement Award she was receiving.

"I've had a long, long professional relationship and friendly relationship with Nancy Meyers," he shared. "I really wanted to be here because she and Charlies Shyer deeply affected my life with the Father of the Bride films, which they wrote and directed."

Meanwhile, Meyers herself couldn't help but gush about Martin being there to support her.

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"I get choked up just talking about it. I love him!" she shared.

While we continue to hope for a Father of the Bride Part III, check out these amazing real-life celebrity brides and their wedding dresses.