The Spider-Man star was set to play a writer who interviews the title character in the upcoming film adaption, directed by Oscar winner Ang Lee.
However, his performance will now remain on the editing room floor because studio bosses felt the famous movie star's presence disrupted the flow of the project, which primarily features a cast of unknowns.
In a statement to The Hollywood Reporter, Lee says, "To be consistent with the other casting choices made for the film, I decided to go with an entirely international cast. I very much admire Tobey and look forward to working with him again in the future."
And Maguire insists he has no hard feelings: "I fully support Ang's decision to go a different direction for this role in Life of Pi. Ang shared a lot of the film with me, and what I saw was absolutely beautiful."
Life of Pi, which has been adapted from Yann Martel's 2001 bestseller, will hit U.S. cinemas in November (12). Prometheus star Rafe Spall has been cast as Maguire's replacement.