When asked by BBC Radio 5 Live if he would be involved in a potential update of the 1991 action classic, he said: "Absolutely not. It's not my place."
Reeves stated he was unsure about the project's quality, adding: "If they can find a way to do it that works out good, then God bless them."
Point Break starred Reeves as an FBI agent who goes undercover within a group of surfers while seeking a criminal gang.
Patrick Swayze and Gary Busey also starred in the film, which became one of the most popular action movies of the 1990s.
A sequel had been rumoured for many years until Swayze's death in 2009. However, Alcon Entertainment announced remake plans in 2011.
"It's not a literal remake of the original the way Footloose was," producer Andrew Kosove told Indiewire earlier this year.