The Spider-Man actor joined the cast of the upcoming Ang Lee adaptation of the best-selling Yann Martel novel last year.
However, the director has decided to remove Maguire from the project, as he may be considered too famous compared to the film's other actors, states The Hollywood Reporter.
Prometheus star Rafe Spall has now been hired to replace Maguire in the small role as a writer who interviews the main character.
Maguire stated: "I fully support Ang's decision to go a different direction for this role in Life of Pi. Ang shared a lot of the film with me, and what I saw was absolutely beautiful."
Ang Lee said of his decision: "To be consistent with the other casting choices made for the film, I decided to go with an entirely international cast.
"I very much admire Tobey and look forward to working with him again in the future."
Life of Pi follows Pi Patel (Suraj Sharma), a young zookeeper's son who gets lost in the Pacific Ocean with a Bengal tiger, a zebra, a hyena and an orangutan.
It will be released at cinemas on November 21 in the US, and December 21 in the UK.
Watch a teaser trailer below: