The 44-year-old Scottish actor was in line to play Bodhi, the surfboarding thief originally played by Patrick Swayze.
However, Butler is said to have quit production due to creative differences and scheduling conflicts, according to The Hollywood Reporter.
'Point Break' will begin shooting in June, with Ericson Core directing.
The project will reportedly go ahead as planned, with the role set to be recast in the coming weeks.
Luke Bracey will play FBI agent Johnny Utah in the remake, who was originally played by Keanu Reeves.
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