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The found footage project was to have starred Peter Mackenzie and Brandon Scott as a journalist and cameraman caught up in an alien invasion.
According to The Hollywood Reporter, no reason has been given to the cast and crew as to why the plug was pulled on the $5 million-budgeted movie.
Industry speculation has pointed towards the genre - which includes Cloverfield, [Rec] and Paranormal Activity - becoming oversaturated.
Wanted's Timur Bekmambetov is producing Apollo 18, a low budget sci-fi due for next March, just before Emmerich's film was due for release. Additionally, Warner Bros is planning to make Olatunde Osunsanmi's similarly themed Dark Moon script.
Emmerich's next film Anonymous, about 'the identity of the man who wrote William Shakespeare's play's, will open in cinemas next September.
More: Roland Emmerich, Movies
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