Back in January, we reported actor James Franco joined the cast of The Iceman, alongside Michael Shannon. Today we have news that James Franco has parted ways with the project, which is based on the true story of serial killer Ricahrd Kuklinski. Here's what an insider had to say about James Franco's departure.

"James pulled out because he couldn't come to an agreement on key contractual issues that didn't involve financial terms. Now it looks like this project might fall apart."

Michael Shannon was set to play Richard Kuklinski, and James Franco would have played his serial-killing protege, Robert "Mr. Softee" Pronge. If this project stays afloat, Ariel Vronman will direct from a screenplay he co-wrote with Morgan Land. The script is adapted from Anthony Bruno's book, The Iceman: The True Story of a Cold-Blooded Killer, and is also based on footage from the HBO documentary The Iceman Interviews.

Ray Liotta was also set to portray Kuklinski's mobster employer, Roy Demeo. Our report from January indicated Benicio Del Toro would be playing that role, although it seems he dropped out at some point as well. Maggie Gyllenhaal had also signed on as a member of the mafia family. It is unclear if the production will continue to move forward after this casting setback.