It appears that Warner Bros. and DC Films will be hunting for a new Superman after talks between Henry Cavill and the studio broke down. Cavill was in initial talks to make a cameo in Shazam!, but apparently couldn't come on board due to a scheduling conflict. Neither Warner Bros. and DC Films, nor Cavill have confirmed the news at this time. According to insiders close to the situation, ever since the Shazam! talks fell through, the British actor's door is rapidly closing on future Superman appearances as well.
Warner Bros. and DC Films have been shying away from the shared universe with their latest projects, but are continuing with Jason Momoa's Aquaman, which hits theaters in December, as well as Gal Gadot's Wonder Woman 1984 and Ezra Miller's Flash movie. The recently announced Supergirl project is taking precedent over any Man of Steel film, which is set to be an origin story for the character and will take place when Superman is an infant. As for another Man of Steel movie, sources say that the studio isn't planning on making another one for a few years.
According to sources close to Warner Bros. and DC Films, they're comparing the Man of Steel series to the James Bond franchise, stating, "after a certain run you have to look at new actors." It appears that Henry Cavill is out much like Ben Affleck, who is also heavily rumored to be out from Matt Reeves' The Batman project. Rumors have been swirling for over a year now that Affleck is done playing the Caped Crusader, but he and the studio have yet to make an official announcement.
Adding to the scheduling conflicts situation is the fact that Henry Cavill signed on to Netflix's The Witcher series. However, sources claim that Cavill made that decision after the Shazam! conflict, which seems to point at the studio moving in another direction to reboot their DC Universe after the box office failure of Justice League and the lackluster response to Batman v Superman. Along with Supergirl, DC Films is also preparing to start production on Todd Phillips' Joker movie, which stars Joaquin Phoenix, and is said to be a lower budget character study.
The step away from the shared universe within DC has been in the making for quite a while now and it looks like Henry Cavill has hung up his cape for good this time and Man of Steel 2 will never see the light of day. Patty Jenkins' Wonder Woman was the first real bit of success for DC Films since Christopher Nolan's Dark Knight trilogy, and the studio is looking to reboot their universe in order to fully compete with the Marvel Cinematic Universe. For now, it looks like Cavill and Ben Affleck are out. The Hollywood Reporter was the first to announce the news of Henry Cavill leaving the DCEU.