After much hype and a myriad of big-name casting announcements, speculation is forming today that Aussie director Baz Luhrmann may drop out of 'The Great Gatsby.'

The news comes direct from Lurhmann's rep, who told Sydney Confidential that "Baz is currently in Los Angeles ensuring all the creative and fiscal elements are in place to give 'Gatsby' everything it requires. Whether this is possible or not, he will know by the end of the week or early next week."

If the project falls through, Lurhmann's added that "the front-runners for his next creative venture are his New York–based musical film or the live version of 'Strictly Ballroom.'"

According to the report, the production has had its share of hiccups since it was first announced.



As we previously reported
, Leonardo DiCaprio has already signed on to play the role of Jay Gatsby. And after a lengthy search, Lurhmann chose Oscar-nominated actress Carey Mulligan to take on Daisy Buchanan, beating out a slew of candidates ranging from Blake Lively to Scarlett Johansson to Natalie Portman.

There were also reports that Luhrmann was considering shooting 'The Great Gatsby' in, of all things, 3D.

Tell us: Should Luhrmann stay on the project? Or is it time for him to let it go?