The film had tentatively been scheduled to begin production in February, but Variety reports that the studio has confirmed it won't proceed with the project for now. No reason for abandoning ship was given.
Names like Will Smith were rumored as possible stars, but no cast was ever set. The project had been on a fast track under the Dick Cook regime and Disney now says event films like 20,000 Leagues, John Carter of Mars and Tron are still priority under new chief Rich Ross.
McG is working on other projects that include Dead Spy Running, at Warner Bros. and he is also attached to Terminator 5, though that movie is on hold indefinitely as the Terminator franchise works its way through bankruptcy court.