The new James Bond movie has been shelved amid financial crisis.
The production company EON confirmed in a statement: "We do not know when development will resume and cannot comment further at this stage."
American Beauty director Sam Mendes was lined up to direct the 23rd flick in the franchise, which started with Dr No in 1962, reports mirror.co.uk.
Movie studio Metro-Goldwyn-Mayer is drowning under a reported $3.64 billion debt as it desperately searches for a buyer. A string of box office flops have meant big losses.
It is unsure when James Bond will make a comeback on the big screen.
"Members of the production crew have been told the Bond film has been canned," mirror.co.uk quoted an insider as saying. "There is a lot of bad feeling as a lot of time, money and hard work has already gone into this."