The aspiring hip-hop artist and actor is best known for his high-profile relationships with pop singer Britney Spears and actress Shar Jackson. Federline has two young children with each.
He reportedly had been in talks with the producers of "Legally Blonde" to take on three supporting roles, including that of the UPS delivery man who inspires the "bend and snap" flirting technique.
However, a source close to Federline told Usmagazine.com: "It fell apart. He is really upset because he wanted it to happen."
The insider blames a "money issue" for the change in plans but said Federline "still wants to do it and maybe it can be saved but for now it's not happening."
DISCUSS AND COMMENT ON THIS STORY Reality TV World now offers Facebook Comments on our stories. To post a comment, log into Facebook and then 'Add' your comment. To report spam or abuse, click the 'X' in the upper right corner of the comment box.