Ramsay, behind arthouse movies like "We Need To Talk About Kevin" and "Morvern Callar," has reportedly walked off the project.
The producers are now scrambling to replace Ramsay with a new director.
Scott Steindorff, who produces the movie with Portman, Joel Edgerton, Jude Law and Rodrigo Santoro, said the project will not be scrapped as they are rushing to find a replacement as the cast are rehearsing the scenes, reported Ace Showbiz.
"It is insane somebody would do this to other people. I feel more for the crew and their families, but we are keeping the show going on, directors are flying in, and a replacement is imminent," said the producer.
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Steindorff, who finances the movie through his Scott Pictures label, said, "I have millions of dollars invested, we're ready to shoot, we have a great script, crew and cast."
Michael Fassbender was previously roped in to star but he withdrew from the project due to scheduling conflicts.