Ulvaeus said while "Mamma" has become Britain's highest-grossing film of all time, he opposes his fellow producers' plan for a follow-up, The Daily Telegraph reported Saturday.
"It wouldn't work," he said. "I don't think we would do a sequel. We have moved on to other projects now."
An unidentified friend of the 63-year-old Swedish songwriter, whose ABBA songs were part of the original "Mamma" stage musical, said Ulvaeus is concerned there is no artistic justification for a sequel.
Judy Craymer, who served as a producer on the film, told the British newspaper that Ulvaeus and Benny Andersson, who helped create the ABBA hits for "Mamma Mia," could be convinced otherwise.
"I am sure that Benny and Bjorn would do a sequel," she said. "I'm not sure they would want to wait as long, though, to make another one."