Del Toro, however, will remain involved in the Warner Bros production as a scriptwriter and producer with Denise DiNovi, reported Deadline.
The director left the project as he is currently directing haunted house picture 'Crimson Peak' and working on a script for an untitled 'Pacific Rim' sequel along with 'The Incredible Hulk' scribe Zak Penn.
Emma Watson has long been tapped to play the lead role in 'Beauty and the Beast'.
The studio is pushing the delayed project as Disney has also announced a film on the fairytale with Bill Condon as director.
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