Back in June, Mick Fleetwood hinted that the band would be performing when he told the crowd at the group's London concert that they still had a "big field to play at a rained out festival in England", but negotiations between Fleetwood Mac and Glastonbury have reportedly broken down over finances.
A source told The Sun newspaper's Bizarre column: "Fleetwood Mac have been approached several times over the years and it has never happened.
"But Michael Eavis is a huge fan and really, really wanted to make it work. He knew getting them on board for the 50th anniversary would be extra special and conversations were positive.
"They even hinted at it on stage when they played Wembley in June, joking to fans they still had, ‘a big field to play at a rained-out festival in England next year’.
"But ultimately, while Mick Fleetwood was up for it with the money on offer, other members didn’t feel it was worthwhile."
Although Mick, 72, didn't name the festival, Glastonbury is renowned for its inclement weather at the end of June when it takes place on Worthy Farm in Somerset, South West England, and is often swamped with mud and sludge.
Surprisingly, Fleetwood Mac have never performed at the world renowned event and Mick previously admitted that the band would "burn in hell" if they didn't headline it at least once.
He said: "Of course, we've been asked to play and it's never worked out. I think the legend of Glastonbury and Fleetwood Mac will come true. I think I'll burn in hell if we don't do it one day."
The Glastonbury Festival celebrates its 50th anniversary in 2020 and Michael recently dropped a huge hint that Sir Paul McCartney will be one of the headliners.
Speaking to BBC Somerset, he said: "Paul's on good form at the moment."
When asked if he had "spoken to him" and if he was coming to play at Worthy Farm again, Michael added: "Hopefully for the 50th, yeah.
"Don't make a big thing of it though will you?"
Beatles legend Paul, 77, last topped the bill on the Pyramid Stage in 2004.