Last year at Berlin film festival, Bille revealed he was prepping a biopic of Versace and Banderas would star in the movie.
But last fall another Gianni Versace project was announced when Murphy decided he would focus his incredibly popular "American Crime Story" series on Versace's murder.
The high-profile cast includes Edgar Ramirez as Gianni Versace, Ricky Martin as his boyfriend Antonio D'Amico, Penelope Cruz as Donatella and Darren Criss as serial killer Andrew Cunanan.
In an interview to The Hollywood Reporter, "Actually I saw Bille at Cannes film festival. Because there was a TV show going on, that actually my friend Penelope is doing, we looked at each other and said 'this movie doesn't make sense anymore'."
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