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.