The show is set years before the events of the original books by J.R.R. Tolkien and will also star Markella Kavenagh, Joseph Mawle, Maxim Baldry, and Ema Horvath.
It is being developed by the writing team of J.D. Payne and Patrick McKay. J.A. Bayona, who helmed Jurassic World: Fallen Kingdom, will direct the first two episodes.
He will also executive produce alongside producing partner Belen Atienza. Among the writers on the show are Gennifer Hutchinson (Breaking Bad), Jason Cahill (The Sopranos) and Justin Doble (Stranger Things).
The show could be one of the most expensive productions of all time. The Hollywood Reporter predicts the total cost for the series could reach more than $1 billion once production budgets, casting, writers, producers and visual effects are factored in.
However, Budge is not the only one to have walked away from the project. It was previously reported Will Poulter had to drop out of the multi-season show because of scheduling conflicts.