Recent news has revealed that Disney will not be moving forward with the third entry into their 'Tron' franchise.

While the project was highly anticipated by its fans, it was never officially green lit, but due to the last film's success it was very much suggested that director Joseph Kosinski was moving forward with Olivia Wilde and Garrett Hundland reprising their roles.

"Disney has been developing a sequel to Tron:Legacy since the movie, made for $170 million, grossed $400 million worldwide. Legacy was the sequel to the 1982 sci-fi film that took place inside a computer world known as the Grid and starred Jeff Bridges and Bruce Boxleitner. The film drew a big cult following and became a notable influence on filmmakers and pop culture.

"Decades later, Disney revisited the world with Legacy. The story revealed that the computer-programmer character played by Bridges had a son (Hedlund) who jumped into the Grid to find his father. Wilde was Quorra, an algorithm-made-flesh who also happened to kick butt," writes THR.

Pre-production on the film had already started and was looking to begin filming this fall in in Vancouver, British Columbia. Actor Jared Leto was rumored to be tapped for a certain role in the movie also.

Disney's live action movie franchises have been none to do very well in the past years, but the recent release of 'Tomorrowland' changed that trend. This might have deterred the studio with focusing on another live action property so soon.