Barbra Streisand's GYPSY Will Not Move Forward at Universal Pictures

As theater fans eagerly await the much talked about movie adaptation of GYPSY, starring Barbra Streisand in the iconic role of Mamma Rose, the project has suffered another setback, according to Deadline.

Universal Pictures, the studio which has been developing the film for several years, has decided not to move forward with it. It now remains in the hands of Streisand and producer Joel Silver to find another backer for the project, which Deadline says is "ready to go."

As of now, Universal has given no explanation as to why they did an about-face on their involvement. It is speculated that it may be related to the poor showing of their recent Steve Jobs biopic and its inability to attract mainstream audiences, something that GYSPY would have to do in order to be a money-maker for the studio.

Earlier this month, John Travolta spoke to ExtraTV about joining the project and the possibility that Lady Gaga would also sign on, sharing "Well, yeah, I mean Barbra has been wanting to do GYPSY for years, and she's been developing it, and I think she always visualized Gaga as Louise and maybe me as Herbie."

Streisand's new GYPSY film been one of the most talked about (and most stalled) musical projects of the past few years. Streisand had been working with Universal Pictures since 2011. This would be the third movie version of GYPSY, which was first captured on film in 1962 (starring Rosalind Russell) and then again in 1993 for television (starring Bette Midler).

Screenwriter and THE LAST FIVE YEARS director Richard LaGravenese said earlier this year that the screenplay has been finished since before Christmas. The project is a reunion for the duo -- LaGravenese worked with Streisand on THE MIRROR HAS TWO FACES in 1996. Downton Abbey scribe Jullian Fellowes is set to pen the screenplay.

Streisand has been attached to play the movie's leading lady, Mama Rose, since the early stages of the project, but after Matthew Warchus turned down the job as director in early 2014, rumors began circulating that Babs herself would also take the helm of the film.

GYPSY is a musical with music by Jule Styne, lyrics by Stephen Sondheim, and a book by Arthur Laurents. GYPSY is loosely based on the 1957 memoirs of Gypsy Rose Lee, the famous striptease artist, and focuses on her mother, Rose, whose name has become synonymous with "the ultimate show business mother." It follows the dreams and efforts of Rose to raise two daughters to perform onstage and casts an affectionate eye on the hardships of show business life. The character of Louise is based on Lee, and the character of June is based on Lee's sister, the actressJune Havoc.

The musical contains many songs that became popular standards, including "Everything's Coming up Roses", "Together (Wherever We Go)", "Small World", "Some People", "Let Me Entertain You", "All I Need Is the Girl", and "Rose's Turn". It is frequently considered one of the crowning achievements of the mid-20th century's conventional musical theatre art form, often called the "book musical".

GYPSY was last seen on Broadway in a production that was first presented by Encores! from July 9 to 29, 2007 withPatti LuPone playing 'Rose', and direction by Arthur Laurents.