Netflix No Longer Making Nancy Meyers' Next Rom-Com After Failing to Agree on $150M Budget: Report

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Nancy Meyers fans might have to wait a little longer for her return to movies.

On Tuesday, The Hollywood Reporter, citing sources, reported that Netflix will no longer be producing Meyers' next film after the studio and writer/director, 73, could not come to an agreement on a budget. The outlet previously reported the reported budget would have made the film the most expensive romantic comedy ever made out of Hollywood.

Meyers, who's behind Father of the Bride (1991), The Parent Trap (1998) and The Holiday (2006), wanted a budget that of around $150 million for the untitled project, while Netflix did not want to commit to a budget that went beyond $130 million, according to the outlet.

Representatives for Netflix and Meyers did not immediately respond to PEOPLE's requests for comment Wednesday.

The project is titled Paris Paramount, though it's unclear whether that's a working title for the movie or its final title. Actors like Scarlett Johansson, Penélope Cruz, Owen Wilson and Michael Fassbender were reportedly in negotiations to star, according to THR and Puck News.

Prior to news that Netflix has ditched the project over budget concerns, Puck also reported that Meyers' team had told Netflix "it would be hard" to produce the film for less than $150 million.

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Jennifer Lawrence was at one point in talks for the lead role in the film, but she dropped out due to unknown reasons, THR reported.

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Meyers, who has not directed a feature film since The Intern (2015), was set to write, produce and direct the movie for Netflix, which Puck previously described as a "semi-autobiographical rom-com."

The project followed a romantically entwined writer-director and producer who once made movies together who are brought back together by a new project that they must team up on again following their professional and romantic breakup, according to THR.

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The movie may have taken cues from Meyers' personal life; she was formerly married to Hollywood creative Charles Shyer, whom she collaborated with on the films Private Benjamin (1980), Baby Boom (1987), The Parent Trap and Father of the Bride. Shyer is credited as a producer on each of those films; he cowrote Private Benjamin and Baby Boom, as well as directed the latter.

In 2019, Meyers told Mindy Kaling during a talk at the Produced By conference that she was "taking a break" from working.

"The business has changed in a way that is somewhat unrecognizable to me," she said at the time, per THR. "I am not sure how much I want to do it."