Variety has reported the film called 1242: Gateway to the West is about Genghis Khan, and the House of Cards actor was set to star as a "holy man" however the film's producer, Bill Chamberlain, has revealed to the publication the actor has been replaced.
It is not yet known who will take Spacey's place as the lead role.
Galloping Entertainment CEO Carlos Alperin also revealed to the publication the film's producers began "discussing the future of the movie" in May after Spacey was originally charged.
However, Spacey is still set to star in the upcoming thriller, Peter Five Eight.
Producers of the film released a statement after Spacey was charged earlier this year which said the production "has no knowledge or comment on the various swirling allegations, and believe it's a matter for the courts to determine validity if it exists".
On top of the star's four charges of sexual assault, he has also been charged with causing a person to engage in penetrative sexual activity without consent. BBC reported Spacey pleaded not guilty to the charge.
The charges were first announced earlier this year on May 26, with Spacey confirming five days later he would "voluntarily appear" in court.
In a statement to Good Morning America, the Usual Suspects star said, "I very much appreciate the Crown Prosecution Service's statement in which they carefully reminded the media and the public that I am entitled to a fair trial, and innocent until proven otherwise".
Multiple sources have told Variety a trial - which is estimated to run for three to four weeks, will begin on June 6 next year.
