Talks between director Michael Mann and executives at Columbia pictures have failed in an effort to resuscitate the currently postponed biopic of boxing legend Muhammad Ali.

Daily Variety reports that the movie, in which Will Smith plays the enigmatic heavyweight world champion, found itself in difficulties when Mann could not guarantee that the film would be produced for the agreed price tag of $100m.

The Los Angeles Times suggests that the 57-year-old director failed to convince studio heads that he could pull off the movie without going at least $5m over.

Mann, meanwhile, angered that Columbia gave the go-ahead on the film, is threatening to withdraw from the troubled production. The director reportedly offered to cut some expensive locations, and Mann, Smith and producer Jon Peters have all agreed to take "substantial cuts" in their upfront fees, the Times reports.

Matters remain at stalemate, and despite the fact that Will Smith has spent the last year training for the role, the project might be abandoned at this late stage.

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