Fallon, 34, said he has a small role in "Whip It!," which marks the directorial debut of actress Drew Barrymore. His wife, Nancy Juvonen, served as producer.
Since leaving "SNL" in 2004, the comedian who earned notoriety for "SNL" characters like Nick Burns and the Leather Man, Fallon has starred in "Taxi," starring rapper-actress Queen Latifah, and the romantic comedy "Fever Pitch," which starred Barrymore.
Fallon, who will begin hosting his own late-night TV talk show starting March 2, joked with Entertainment Weekly that he could be talked back into acting under certain conditions.
"Maybe a movie of the week," Fallon said.
"See if Meredith Baxter is available," he added, referring to the 61-year-old former "Family Ties" star. "I could really be into that."