The comedic actor will no longer play a co-starring lead role in the project. Oswalt's departure followed a Thursday table-read, says The Hollywood Reporter.
The 41-year-old was to play a billionaire slacker who hires a celebrity author (Matthew Broderick) to help his struggling newspaper in the Hamptons.
A source revealed that the producers have offered Oswalt a different part.
NBC and Oswalt have yet to comment on these claims.