Disney has officially halted all production on the big screen adaptation of The Long Ranger due to the film’s excessive budget. The film was due to star Johnny Depp as Tonto.

Deadline reports that the studio decided to shelve plans to produce the movie after the budget could not be reduced to below $200 million; the filmmakers were seeking around $250million. Along with Johnny Depp, Gore Verbinski and Jerry Bruckheimer were due to direct and produce the movie accordingly.

Upon hearing the news, one insider was quoted as saying:

Let’s see how it all shakes out on Monday. There’s always a chance that it could go. You never know until you know.

The film was due for a December 2012 release (along side The Hobbit: An Unexpected Journey).