The announcement was made on Twitter from Lucas Shaw, author at Bloomberg.
The announcement comes in the aftermath of the highly publicized slap of Chris Rock at the Academy Awards. The brazen assault resulted in a 10 year banishment of Smith from the prestigious Hollywood award ceremony.
Shaw eventually would tweet that the cancellation of the movie was unrelated to the assault.
The last report on a “Bright” sequel came last year, stating that the script was being fine-tuned and that Will Smith was expected to return. A number of other movies involving Will Smith have been canceled as well including fast and loose.
Other projects like the highly touted emancipation have momentarily been delayed or are in limbo.