The 39-year-old actor was due to star in the movie adaptation, but will now no longer take the leading role, reported Digital Spy.
The "Deep Blue Good-By" is based on the book by John D MacDonald. The story centres on Travis McGee, a beach person who gets into misadventures during his salvage consultant jobs.
The reason behind DiCaprio not starring in the film has not been disclosed yet.
DiCaprio again missed out on a Best Actor prize at the Oscars, losing to Matthew McConaughey and causing Twitter to trend "Poor Leo".