The film will be the last outing for actor Daniel Craig as the famed British spy.
Director Danny Boyle has dropped out of directing next James Bond movie due to "creative differences" with the producers.
The official James Bond Twitter account shared the news of Boyle's departure, saying the filmmaker chose to walk out of the project.
"Michael G Wilson, Barbara Broccoli and Daniel Craig today announced that due to creative differences Danny Boyle has decided to no longer direct Bond 25," the official James Bond Twitter account tweeted.
The producers had announced in May this year that the 61-year-old director, who won the 2009 Best Director Oscar for his India-set "Slumdog Millionaire" and has critically-acclaimed titles such as "Trainspotting" and "127 Hours" to his credit, will be helming the new Bond film.
The film will be the last outing for actor Daniel Craig as the famed British spy, having played the part in four previous films - "Casino Royale", "Quantum of Solace", "Skyfall" and "Spectre".
The as-yet untitled film had previously been given a release date of 25 October 2019 in the UK.
In March, Boyle had said that he was working on film's script along with his frequent collaborator John Hodge.
The film would have marked a reunion between Boyle and Craig, following the actor's cameo in the director's 2012 Olympics Opening Ceremony production.
The producers are yet to announce a replacement for Boyle.