Johnny Depp drops out of Whitey Bulger biopic

Johnny Depp has reportedly dropped out of a planned biopic about notorious gangster Whitey Bulger.

The Edward Scissorhands star was set to play the notorious Boston, Massachusetts crime lord, who was at the top of the Federal Bureau of Investigation's (FBI) Most Wanted List for almost two decades, in Barry Levinson's upcoming film.

But, according to industry reports, producers had a hard time finding a buyer for the project at France's recent Cannes Film Festival, and asked Depp to take a $10 million pay cut to accommodate a new budget.

According to The Hollywood Reporter, the veteran refused and now studio bosses are scrambling to find a replacement.

There are currently two other films about Bulger in the works - Matt Damon is slated to portray the crime boss in a movie directed by his pal Ben Affleck, while Peter Facinelli has secured the rights to adapt Edward MacKenzie and Phyllis Karas' book Street Soldier: My Life as an Enforcer for Whitey Bulger and the Boston Irish Mob for a rival movie.