The Hollywood Reporter said the studio declined to offer further detail about the actor's departure, however.
The movie was to mark the first collaboration between Black and filmmaker Todd Phillips, who had previously worked on the big-screen comedies "Old School" and "Borat."
Insiders told the entertainment industry trade paper the decision to part ways may have come from Black's representatives, who may have been concerned about Phillips' commitment to direct the picture ahead of another scheduled comedy he is to direct, "Hangover."
Black's representatives said the actor had no comment.
The studio and Phillips are reportedly looking for someone to replace Black.