Kevin Federline will not be starring in the Broadway version of Legally Blonde

Britney Spears' ex-husband Kevin Federline is not likely to be starring in the Broadway version of Legally Blonde after all.

Federline, 29, was in talks for a trio of roles in the the Tony-nominated musical adaptation of the hit film — including the UPS guy who inspires the "bend and snap".

But a source close to the rapper -- who has two children with the troubled Toxic star -- says that the deal "fell apart. He is really upset because he wanted it to happen."

The source adds that it was a "money issue."

According to the source, Federline "still wants to do it and maybe it can be saved, but for now it’s not happening."

"Nothing was ever confirmed," his rep tells Us Weekly.

It will also be a relief for Britney, as Kevin -- who has physical custody of their two sons, Sean, 2, and Jayden, 18 months -- was intent, with the support of the pop wreck's parents, to take the kids with him to New York.