Butler would have played Patrick Swayze's original role, Bodhi, the philosophizing leader of a gang of surfers.
The Hollywood Reporter said Tuesday that Butler dropped out of the role because of "creative differences and scheduling conflict." Point Break filming could have complicated his shooting schedule for the Olympus Has Fallen sequel, London Has Fallen.
A remake of Kathryn Bigelow's original film, a cult hit, has been in the works for several years. Producer Andrew Kosove said back in 2011 that the new Point Break will follow a similar plot, but will incorporate other extreme sports besides surfing.
"We've got to make it fresh," he said. "[The remake] has got elements of the original and it's not just surfing, it's other kinds of extreme sports, but surfing is very, very prominent in the story."