Legendary Pictures has halted production on Alex Proyas' epic fantasy Paradise Lost, which recounts the battle between heaven and hell, based on the classic John Milton poem.

Bradley Cooper is set to play Lucifer in the movie, while Benjamin Walker is taking on the role of archangel Michael, with Diego Boneta and Camilla Belle playing Adam and Eve.

Paradise Lost hasn't been completely scrapped. Legendary Pictures is currently in the process of reworking the script so that the budget comes in 10% to 15% less than the proposed $120 million it will take to get it off the ground.

Paradise Lost was already gearing up to shoot in Australia, and this news has come as a shock to the cast and crew. The postponement is being likened to that of Walt Disney's Lone Ranger. A majority of the budget is set for green screen work, which is currently being whittled down. The hope is that Paradise Lost will go before the cameras this summer.