Warner Bros has allowed the cast's contracts to expire because of difficulties over the screenplay and taxation issues, reports Variety.
The George Miller-helmed production was rumoured to star former OC actor Adam Brody as The Flash, alongside Armie Hammer Jr (Batman), rapper Common (Green Lantern), Megan Gale (Wonder Woman) and Scott Porter (Superman). Wolf Creek actress Theresa Palmer was also lined up to play Batman's love interest Talia al Ghul.
The long-awaited film was based on the DC Comics creation from the 1960s, which featured a team of crime-fighting superheroes.
Cast members were reportedly already on location on Tuesday when they were informed that the movie had been put on hold. But they were assured that the studio had every intention of making it in the future, with the existing cast as its stars.
A Warner Bros spokesman said the move was a result of uncertainty regarding the project's eligibility for tax discounts. However, it is believed that the script is also in need of attention, which will not be possible during the ongoing WGA strike.