The American Bridesmaids director had completed a new draft for the film, but has now dropped out, according to Deadline.
Universal bosses have now apparently decided to hire a British director instead.
Renée Zellweger will reprise her lead role in the latest film in the franchise, with Hugh Grant and Colin Firth expected to return as Daniel Cleaver and Mark Darcy.
Firth recently said that reuniting with the Bridget Jones cast will be like a "family fraught reunion".
Production of the film is scheduled to begin in January 2012.
Feig has signed on to write and direct a Judd Apatow-produced comedy starring Jon Hamm and Melissa McCarthy.
Source: Digital Spy