LOS ANGELES, California (X17online) - Johnny Depp's pet project, an updated version of the Western classic The Lone Ranger, has been shuttered by Disney.

The studio reportedly pulled the plug due to budget, which was currently at $250 million (though some sources say it may have been as high as $275 million). That would have made the flick the most expensive Western ever, a large concern for Disney. According to Deadline, the next movies are to shop the film around to other studios or readjust the film with a lower budget in the future.

The Jerry Bruckheimer-produced film was supposed to star Johnny as Tanto and Armie Hammer as the Lone Ranger and was scheduled to begin shooting in New Mexico in October. The movie was in the middle of casting when the plug was pulled.

The original Lone Ranger started on the radio in 1933 and later became a TV series from 1949-1957.