The news comes after it was revealed that "Tron: Legacy" stars Garrett Hedlund and Olivia Wilde, along with director Joseph Kosinski, were set to reprise their roles for the new film.
According to The Hollywood Reporter, preparations for filming were already underway in Vancouver before Disney pulled the plug on the project.
The company is reported to want to instead focus on the live adaptation of its animated classics, including the Emma Watson and Dan Stevens version of "Beauty and the Beast", following the success of recent hits "Cinderella" and "Maleficent".
The cancellation comes after Disney's most recent sci-fi film "Tomorrowland" under-performed at the US box office last weekend.
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