Leonardo DiCaprio has reportedly dropped out of The Deep Blue Good-By.

The Wolf of Wall Street actor was due to star in the movie adaptation of the 1964 John D. MacDonald novel, but has now exited the leading role, according to Deadline.

However, the 39-year-old actor will still have a role as producer on the project.

Wolverine director John Mangold is currently in negotiations to direct the project that features the famous character Travis McGee.

The story for The Deep Blue Good-By centres on McGee, a beach bum who gets into misadventures during his "salvage consultant" jobs.

Mystic River novelist Dennis Lehane has drafted the latest edition of the screenplay.

The Deep Blue Good-By was the first of a 21-volume novel series by MacDonald.

DiCaprio missed out on a Best Actor prize at the Oscars on Sunday (March 2), losing to Matthew McConaughey for the Dallas Buyers Club.