James Franco Out of 'The Iceman' - Exclusive

James Franco has pulled out of the upcoming biopic The Iceman, JustJared.com can exclusively report.

The thriller, based on Anthony Bruno‘s book “The Iceman: The True Story of a Cold-Blooded Killer”, tells the story about notorious mafia hitman Richard “The Iceman” Kuklinski.

In the Ariel Vroman-directed project, Michael Shannon was set to play the lead role and Ray Liotta as Kuklinski’s employer, mobster Roy Demeo.

James, 33, was set to play Kuklinski‘s mentor assassin, Robert “Mr. Softee” Pronge. Maggie Gyllenhaal was also set to be a part of the mafia family.

“James pulled out because he couldn’t come to an agreement on key contractual issues that didn’t involve financial terms,” sources tell Just Jared. “Now it looks like this project might fall apart.”

James has been busy in Detroit, Mich., shooting Oz: The Great and Powerful alongside Mila Kunis, Rachel Weisz, and Michelle Williams.