Hugh Jackman cited scheduling demands as the reason for his departure, saying he “wasn’t able to commit to the time this role will require”.
“I have tremendous respect and admiration for the creative team and I wish everyone the best,” the actor continued.
“I know they’re well on their way to making something extraordinary.”
Producer Scott Sanders said Hugh Jackman had been “terrific to have on this part of our journey”.
“We will continue to move forward with our remarkable creative team as they craft this ambitious new musical,” he said.
First mooted in 2008, the long-gestating Houdini musical had been on track for a 2014 premiere before Hugh Jackman’s exit.
Danny Elfman, screenwriter Aaron Sorkin and Wicked composer Stephen Schwartz are among those to have been involved in the project over the past five years.
Hugh Jackman was recently seen in the film version of Les Miserables, for which he was nominated for an Academy Award.
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