The production, depicting the life of Harry Houdini, is scheduled to hit the stage soon. However, losing Jackman is a huge blow and could cause the musical to be postponed.
The 'X-Men' actor, who has been connected to the project since 2012, released a statement explaining his exit, said The Hollywood Reporter.
"I have greatly enjoyed the collaborative process on 'Houdini'. Ultimately, though, I wasn't able to commit to the time this role will require. I have tremendous respect and admiration for the creative team and I wish everyone the best. I know they're well on their way to making something extraordinary," Jackman said in a statement.
This isn't the first withdrawal from the show, as Oscar-winning writer, Aaron Sorkin, left the musical in January of this year (2013) due to scheduling conflicts.
David Ives, who wrote 'Venus In Fur', has stepped in to replace Sorkin. Jack O'Brien, who directed 'Hairspray', will be at the helm of the new production and the score has been composed by Tony winner Stephen Schwartz.
