Andersson said during an interview with The (Britain) Sunday Telegraph there are no plans for ABBA to create new music for a highly anticipated sequel to the musical, which was turned into a film in 2008.
"No, it's not going to happen. There will not be another, quote unquote, Abba musical," Andersson said.
Actress Meryl Streep started rumors of a possible "Mamma" sequel after she commented she would be open to rejoining her fellow "Mamma Mia! The Movie" co-stars for a second film.
Andersson did not entirely dismiss the possibility of a "Mamma" sequel, only the chance he would allow ABBA songs to be used.
"Catherine Johnson ('Mamma Mia' screenwriter) is keen on working on something that has to do with her characters in the 'Mamma Mia' movie -- but it will not be with ABBA music," he told the Sunday Telegraph.