James Bond director Sam Mendes has called it quits, paving the way for a reimagination of the iconic British spy series.

Mendes has only directed two Bond films - 2012's Skyfall and 2015's Spectre - but said it was time for someone else to take over.

He is expected to be joined out the door by actor Daniel Craig who last year famously claimed he'd rather slash his wrists than play Bond again.

"I'm a storyteller. And at the end of the day, I want to make stories with new characters," Mendes told the audience at a literature festival in Wales on Saturday.

"It was an incredible adventure. I loved every second of it, but I think it's time for somebody else [to direct]."

The British director's exit will be met with mixed reaction from fans and critics alike who felt Skyfall was the 54-year-old film franchise's magnum opus.

Mendes said he was tired of working on James Bond films where it's assumed that "Bond was going to survive".

The American Beauty director also weighed into the ongoing debate over who will replace Craig who is largely expected to walk away from the franchise. Earlier this month, Daily Mail reported the 48-year-old had rejected $137 million to play Bond in another two films.

Actor Tom Hiddleston was reportedly spotted meeting Mendes and Bond producer Barbara Broccoli several weeks ago in London.

But Mendes slapped-down the "constant debate" over who would play Bond next, saying: "I can guarantee that whatever happens next it will not be what you expect".

"The truth is, here's the headline: It is not a democracy. It is not The X Factor. It is not the Euro Referendum. It is not a public vote, you know."

"Barbara Broccoli chooses who is going to be the next Bond, end of story. And without that there would have been no Daniel Craig because public support for Daniel was zero.

"It was her saying: 'That man over there, he's going to change the whole tenor, I'm going to cast him.' That turned the whole thing on its head."

With both roles up for grabs, the franchise now has the opportunity to reinvent itself. While efforts have been made in recent instalments, such as Spectre, to give Bond powerful female offsides (including Lea Seydoux), the spy remains a womanising, emotionally-unavailable British lad.

In the meantime, BBC star and Thor actor Hiddleston continues to deny he will suit up as the cavalier spy.

"The thing is the position isn't vacant as far as I am aware. No one has talked to me about it," he told Graham Norton.

The comments are at odds with betting activity. Last week, UK betting house Coral suspended wagers on which actor would next play Bond when a sudden influx of large bets tipped Hiddleston to replace Craig.