The 72-year-old actor starred as Tim "The Toolman" Taylor in the beloved 1990s series, which told the story of a fictional TV show and the busy family life of its host.
A revival has long been rumoured, but as he promoted his new movie Toy Story 5 - in which he returns to voice Buzz Lightyear - Allen told Us Weekly that a new Home Improvement had come to a standstill.
"They keep talking about how it could move forward, but they get stuck (because) there are some personality problems right now with the boys," he said on Tuesday.
Allen went on to say that the actors who played his sons in the show - Zachery Ty Bryan, Jonathan Taylor Thomas and Taran Noah Smith - had "their own issues", but declined to give details.
"I always thought it would be cool if it was a story about them. That's a little challenging right now, to put it mildly," Allen said.
He was likely referring to Bryan's ongoing legal problems, including being sentenced to 19 months in prison in March for violating his parole.
The 44-year-old appeared virtually at the sentencing because he was already in jail in California after being sentenced to 16 months over a driving under the influence (DUI) conviction from 2024.
That conviction came as he was on probation following a 2023 domestic violence conviction.
Bryan was subsequently arrested five times in three states - violating his parole on each occasion - and also faces DUI charges in Oklahoma.
As for the other two actors who played Allen's sons on Home Improvement, Thomas, 44, has been taking a break from acting after his career fizzled out following the show.
He made a couple of small-screen appearances in the 2000s, including on Allen's show Last Man Standing from 2013 to 2015.
Smith, who played Allen's youngest son Mark, ditched acting as soon as Home Improvement came to an end.
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