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The No Country For Old Men star had signed on to portray the villain in Money Never Sleeps in June.
However, his publicist confirmed to Forbes magazine that the actor had to bow out of the financial drama due to scheduling conflicts, and although he "loves [director] Oliver Stone", he's had "five or six other offers".
Bardem was to co-star opposite Michael Douglas and Shia LaBeouf in Stone's follow-up to his 1987 film.
It was recently reported that the 40-year-old will star opposite Julia Roberts in Eat, Pray, Love.
Production on Money Never Sleeps is scheduled to begin in August for a February 2010 release.
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