According to Hitfix, the studio has pulled the plug on the movie's June 25, 2010 release date in the wake of director Stephen Chow's departure.
Rogen, who penned the script with writing parnter Evan Goldberg, was to star as newspaper publisher Britt Reid, who fights crime in the guise of superhero the Green Hornet. Chow had been attached to star as his sidekick Kato.
Sources say the movie is "highly unlikely" to begin filming this year.
The Green Hornet character, created by George W. Trendle and Fran Striker, first appeared in a '30s radio serial. A short-lived TV show aired in 1966 starring Van Williams and Bruce Lee.