The film went through a change of script and a production push-back, resulting in a conflicting schedule for the 42-year-old "Rise of the Planet of the Apes" director, reported Deadline.
The project was first introduced in June last year by 35-year-old Tatum, who finalised the deal to star as the card-throwing superhero in August this year.
The script was later changed, resulting in rising budget and longer shoot. Production was initially scheduled to start in November but has been delayed until March 2016.
"I thank them for the opportunity and I know that 'Gambit' will make a terrific film." He did not say what the other project was.
Fox is apparently still committed to the film and will find a replacement soon.
"Gambit" is scheduled to be released on October 7, 2016 and Tatum's character is expected to join the "X-Men" universe in the future.
Josh Zetumer wrote the screenplay based on a treatment by the character's co-creator Chris Claremont.
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