According to a report by Just Jared, the "127 Days" actor James Franco has been pulled out of the upcoming biopic of "The Iceman".

The movie is based on the book of Anthony Bruno entitled "The Iceman: The True Story of a Cold Blooded Killer" and the HBO documentary "The Iceman Interviews". Moreover, it will narrate the true story of the notorious mafia hitman Richard "The Iceman" Kuklinski. Kuklinski is believed to have murdered more than 250 people from 1948 to 1986 by shooting, stabbing, choking and poisoning them.

The report said that the award-winning actor could not get a firm agreement with the producers in terms of key contractual issues. It has nothing to do with financial terms.

Without Franco, it seems that the project will be falling apart, a source said.

Michael Shannon is set to play the lead role in the Ariel Vroman project. Ray Liotta will play as Kuklinski's employer, the mobster Roy Demeo. It was initially reported that Benicio Del Toro will play the role, but eventually he will not.

James bagged the role of Kuklinski's mentor and prime assassin, Robert "Mr. Softee" Pronge. Maggie Gylenhaal is also set to be a part of the mafia family.

James Franco is currently in Detroit shooting "Oz: The Great and Powerful" with Mila Kunis, Rachel Weisz and Michelle Williams.

Watch the promo trailer below to judge if the film is worth to watch.

It is unclear yet when the production will start. "The Iceman" is set to hit the theaters in 2012.