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Bullock, who stars in the upcoming Lost City of D with Tatum, told ET she would "take the attention away" from Tatum if she were to join him in the third Magic Mike film.
George Pimentel/WireImage Sandra Bullock
"He's doing a lot of asking for me to come on board with my skills in the stripping world, which they're world-renowned," Bullock joked. "I don't know if I wanna do it and take the attention away. Channing needs that moment, and if I step on stage, you know what's gonna happen, it's like, all eyes are gonna be on this. It's all gonna be on mama."
She added, "Not really, but in my world, that's what would happen. All eyes would just shift off of Channing and onto me, and they would stay."
Tatum confirmed the third Magic Mike movie Monday, posting a photo of the Magic Mike's Last Dance script on Twitter.
"Well world, looks like Mike Lane's tapping back in," Tatum wrote, referring to his Magic Mike character. The actor also tagged HBO Max, where the film will exclusively stream.
Magic Mike 3 comes from writer Reid Carolin and will be directed by Steven Soderbergh, who is returning to the franchise after directing the original 2012 film.
Gregory Jacobs, director of 2015's Magic Mike XXL, will produce the new Magic Mike movie along with Carolin, Nick Wechsler and Peter Kiernan.
"There are no words for how excited I am to blow the doors off of the world of Magic Mike with Steven, Greg, Reid, and the amazing people at HBO Max," Tatum said in a statement shared with by PEOPLE. "The stripperverse will never be the same."
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While Bullock and Tatum won't be sharing the screen in Magic Mike 3, the pair will be costarring in The Lost City of D next year. The rom-com stars Tatum as a romance novel cover model and Bullock as an author.
"Well that's a wrap on #LostCityOfD. I love this movie so much I don't have words," he shared. "I also don't have words for how special Sandy Bullock is. We definitely were made in the same lab and share a brain at times. I love you girl. And as you can see I'll ride your coattails anywhere anytime forever. Ahahah."