US director Steven Spielberg poses during a photocall for his film 'Indiana Jones and the Kingdom of the Crystal Skull' at the 61st Cannes International Film Festival on May 18, 2008 in Cannes, southern France.

Indiana Jones' iconic bullwhip will no longer be in the hands of director Steven Spielberg.

On Wednesday, Variety reported that Spielberg will not direct the fifth movie in the Indiana Jones franchise and director James Mangold ("Ford v. Ferrari") is now in talks to take the helm.

Spielberg has directed every Indiana Jones film since the first, "Raiders of the Lost Ark," which premiered in 1981. He is expected to remain involved as a hands-on producer. Harrison Ford, who has played the iconic character in every film so far, is still attached to the project.

Variety, citing sources, reported that Spielberg's decision to exit the project as a director was to pass the torch to a new generation who could bring their perspective to the iconic hero's story.

Representatives for Spielberg were not immediately available to respond to CNBC's request for comment.

Disney first announced "Indy 5" in 2016, but the studio release has been delayed three times, with the expected release now set for July 9, 2021. It's likely the film could see another delay now that Spielberg is out as director.

Jonathan Kasdan, the son of "Raiders of the Lost Ark" scribe Lawrence Kasdan, was brought on in 2018 to create a new draft of the film's script.

Read the full report from Variety.