Back in September, it was claimed that the 'Hannah Montana' star was in final talks for a new version of the classic American crime story, to be produced by Smash's Craig Zadan and Neil Meron for A+E's History and Lifetime channels.
But Cyrus, 19, has now left the project for unspecified reasons, reported Huffington Post online.
Producers have apparently already begun the search to recast the role of Bonnie Parker. It is also not known who will play Parker's lover Clyde Barrow.
Cyrus has not commented on this latest development.