For the fourth time in 10 years, Leonardo DiCaprio had to sit in the audience of the Academy Awards on Sunday while another actor picked up the gold statuette he had been vying for.

On Wednesday it was revealed the actor was missing out on something else: the chance to play beach bum Travis McGee in a big-screen adaptation of the 1964 novel The Deep Blue Good-By.

According to Deadline, the 39-year-old actor is too busy to take the part.

The 39-year-old actor and his Appian Way partner Jennifer Davisson-Killoran are producing, with Amy Robinson and Chernin Entertainment.

James Mangold is in talks to direct the film which is based on the John D. MacDonald novel.

It's the first of a 21-volume novel series.

On Sunday, Leo had been nominated for his 2013 turn in The Wolf Of Wall Street but lost out to Matthew McConaughey who starred in Dallas Buyers Club.

The LA native has been nominated three times before: in 1994 for What's Eating Gilbert Grape, in 2005 for The Aviator, and in 2007 for Blood Diamond.