Bond 23 has been suspended 'indefinitely' because of MGM's uncertain future.
Back in January Michael G. Wilson admitted that the movie would not go ahead as scheduled because of the sale of MGM.
Wilson and his fellow producer Barbara Broccoli have now revealed that production on the movie has been completely suspended.
In a statement, the pair told Variety: "Due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on 'Bond 23' indefinitely.
"We do not know when development will resume and do not have a date for the release of 'Bond 23'.
The film would be the third outing for Daniel Craig after the success of Casino Royale and Quantum of Solace, and has Sam Mendes on board behind the camera.
Speaking about the suspension Craig said: "I have ever confidence in Barbara and Michael's decision and look forward to production resuming as quickly as possible."
The movie was tentatively scheduled for a 2011 or 2012 release.
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