The Iron Man star had signed up to take on the lead role in the upcoming Wizard Of Oz prequel, which is based on L. Frank Baum’s classic books and will be set before Judy Garland’s original 1939 movie.
The film, which will be directed by Spider-Man’s Sam Raimi, focuses on an illusionist who flees a travelling circus in a hot air balloon, which is caught up in a tornado and swept to the land of Oz.
The actor has now walked away from the project, and Disney bosses are reportedly keen to sign up Depp to take his place in the Emerald City, according to Reuters.
Downey, Jr. recently quit another major film role, dropping out of sci-fi movie Gravity with Sandra Bullock. George Clooney will be stepping into his role in the space-based picture.