The 69-year-old actor-and-director doesn't think people would appreciate the religious views in the 1979 movie - which was the recipient of widespread protests in the US - which tells the fictional story of character Brian Cohen who gets mistaken for the Messiah after being born in a Bethlehem stable next to Jesus.
He said: "At the time religion seemed to be on the back burner and it felt like kicking a dead donkey.
"It's come back with a vengeance and we'd think twice about making it now. A similarly satirical film about Muslims? Probably not - looking at Salman Rushdie."
Salman received death threats after writing 1988 book 'The Satanic Verses', while 'Life of Brian' stars John Cleese, Terry Gilliam, Michael Palin, Graham Chapman, Eric Idle and Terry received the same outcome when 'Life of Brian' was released.
Terry was surprised about the controversy caused by the movie - which went on to become the highest-grossing British film in the US in 1979, despite 39 local authorities refusing to screen it on grounds it could break blasphemy and censorship laws - although he had reservations when they were writing the motion picture.
He added to the Radio Times: "I never thought it would be as controversial as it turned out, although I remember saying when we were writing it that some religious nut case may take pot shots at us, and everyone replied, 'no'.
"I took The View it wasn't blasphemous. It was heretical because it criticised the structure of the church and the way it interpreted the Gospels."