A retelling of the classic western "The Lone Ranger" was supposed to start filming this fall, but Disney has pulled the plug on the anticipated Johnny Depp project.

A Disney rep tells CNN, “Yes, that production ['The Lone Ranger'] has been shut down and everyone involved in the production is meeting to figure out next steps.”

According to the Hollywood Reporter, budget clashes between Disney and producer Jerry Bruckheimer and director Gore Verbinski are what brought the project down.

Verbinski - who directed the first three "Pirates of the Caribbean" movies - reportedly balked at the budget laid out by the studio, demanding more money to make the movie.

"The Lone Ranger" was a potential franchise-starter, with Armie Hammer lined up as the Lone Ranger and Depp slated to play Tonto, his Native American sidekick. It was scheduled to be released in December 2012.