Romanek, who has filmed numerous music videos and the feature film "One Hour Photo," left "The Wolfman" project just weeks before he was scheduled to begin shooting it, The Hollywood Reporter said.
Romanek wanted the studio to increase the film's estimated $100 million budget, but Universal refused because R-rated horror movies historically don't make a ton of money at the box office, the trade paper reported.
The director has not yet been replaced, but Universal still plans to start production in March.
Whoever is hired will have to shoot the script as it is, because of the Writers Guild of America strike.
"Romanek leaves behind a well-prepped production that is poised to move forward, and Universal thanks him for helping bring one of its most cherished legacies and characters to renewed life," the studio told The Hollywood Reporter.