Ben Affleck & Matt Damon's Hulk Hogan Movie Is Not Happening

Matt Damon and Ben Affleck won't be bringing part of Hulk Hogan's life to the big screen after all ... though the decision has nothing to do with his recent tragic passing.

Sources with direct knowledge tell TMZ ... the stars' production company, Artists Equity, isn't moving forward with the project, which hasn't been in development for some time.

We're told the decision was made a while ago -- long before Hulk's passing -- so, the two aren't related to it whatsoever.

It's unclear why they decided to pull the plug on the film.

ICYMI ... Ben and Matt previously planned on making a biopic about the infamous video of Hulk Hogan having sex with his friend's wife -- which Gawker later released -- a video that included a racial epithet.

Hulk wasn't involved in the movie project -- and, he wasn't interested in getting involved either, unlike his former pal Bubba the Love Sponge, whose wife also starred in the NSFW tape -- but, sources close to him told us he'd pursue legal action if they crossed a line.

This all came out almost a year before Hulk's passing last week ... when paramedics responded to his Florida home and were spotted on the street giving him chest compressions on the way to the ambulance.

Hogan was pronounced dead at the hospital, and numerous friends and fans shared tributes to him on social media.