Instead, the Superbad star will play Peter Parker's girlfriend Gwen Stacy, according to Columbia Pictures president Matt Tolmach.
Stone will play opposite the new Spider-Man, Andrew Garfield, in the big screen franchise revamp.
Tolmach says, "It’s been an incredible journey for us to watch Emma’s star rise as an actress. She is extraordinarily talented and has a very special onscreen spark that is perfect for this role. Given her history with the studio, casting her in one of our most important franchises is a real thrill."
And the aptly-named Webb can't wait to start shooting the film with his two stars: "The chemistry between Andrew and Emma was stunning and made Emma the clear choice. At the heart of the story of Peter Parker is not only the amazing Spider-Man, but also an ordinary teenager who is wondering what he has to do to get the girl.
"Andrew and Emma will bring everything audiences expect to these roles, but also make them their own. Much to my surprise, it was fun to find out that our choice for Gwen is also a natural blonde."
Filming will begin in December (10) and the film is set to hit theatres in 2012.