Damon broke the news during an interview with the Associated Press on Tuesday.
"I really liked it and thought that the show went great," Damon said. "I'm not one to question (their programming). They do such a great job. But we have to take it out again."
The actor, who is currently promoting Jason Bourne, the fifth film in the Bourne franchise, said they are planning on shopping the series around, noting that he thinks the show will do well on streaming services like Netflix or Amazon.
Project Greenlight aired on HBO from 2001 to 2003 before moving to Bravo in 2005. The series, which follows first-time filmmakers as they direct a feature film, returned to HBO for its fourth season in the fall of 2015.
Are you bummed about Project Greenlight?