Earlier this month, we brought you the news about Keanu Reeves (47 Ronin) reportedly being the front-runner to play Kaneda in the Allen Hughes and Albert Hughes (Book of Eli) directed, live-action adaptation of Akira, based on the graphic novel by Katsuhiro Otomo.

Now, JoBlo reports that Keanu Reeves has passed on the role and the studio has shut down the pre-visualization department and let go of most of the staff that was working on the film. Warner Bros. released the following statement:

“Production on ‘Akira’ has not halted or been shut down, as the film has not yet been greenlit and is still very much in the development stage. The exploratory process is crucial to a project of this magnitude, and we will continue to sculpt our approach to making the best possible film.”

Akira is slated to hit theaters in 2012.