The decision comes after allegations of sexual harassment directed at the two-time Oscar-winning actor that stretch back 30 years, reported Variety.
Spacey stars as oil tycoon J Paul Getty in the film but he will no longer be in the spotlight as Sony and TriStar Pictures are planning to change their awards marketing strategy by featuring Spacey's co-stars Michelle Williams and Mark Wahlberg.
Spacey previously won Best Supporting Actor for "The Usual Suspects" in 1996 and Best Actor for "American Beauty" in 2000.
Mexican actor Roberto Cavazos and American documentary filmmaker Tony Montana also shared their stories of how Spacey harassed them.