The Oscar winner had been offered the chance to star alongside Michael Douglas in the picture, which will be directed by Oliver Stone and is tentatively titled Money Never Sleeps.
Douglas will reprise his role as ruthless Wall Street player Gordon Gekko, while Transformers star Shia LaBeouf is set to play an ambitious trader who is engaged to Gekko’s daughter.
Bardem was due to take on the role of a risk-taking hedge fund manager, but casting bosses will now be looking for a replacement as the star has confirmed he has quit the project.
A representative for Bardem insists the actor “loves Oliver Stone,” but has had “five or six other offers.
Money Never Sleeps is slated to begin filming in August (09).