The director has departed the project over creative differences with producer Graham King of GK Films, reported Deadline.
Ben Whishaw is attached to star in 'Mercury' following the exit of Sacha Baron Cohen last year.
Cohen was reported to have exited over similar reasons to Fletcher, although Mercury's fellow Queen band member Brian May dismissed these reports as "sensationalist".
The Sony Pictures film will have to enter production shortly to avoid a clash with Whishaw's filming on Bond 24.
'Mercury' has entered "soft pre-production" and is scheduled to begin filming in the summer.
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