A feature film adaptation of the Shakespearean tragedy "King Lear" has been canceled reportedly due to the economic crunch. Sir Anthony Hopkins and three top Hollywood actresses would have played the lead roles.

Hopkins was due to play the titular character. Naomi Watts would have played his eldest daughter Goneril, Gwyneth Paltow as middle daughter Regan, and Keira Knightley as the honest youngest daughter Cordelia.

The million-budgeted film was announced at the Cannes Film Festival last year, but has now been scrapped.

A Ruby Films spokeswoman told Telegraph.co.uk, "Ruby are no longer doing it - the film will no longer go ahead. It has not really been announced."

The film company refused to comment whether the film's cancellation is due to the country's recession period.