Disney won’t be moving forward with plans to make “Tron 3” after-all. The doomed film was once hoping to cast Jared Leto and Olivia Munn to star alongside Olivia Wilde and Garrett Hedlund for a third installment to the franchise, but now the project has been shelved.

Joseph Kosinski was set to direct the third film and production was scheduled to begin later this year in Canada. Early reports indicated that both Garrett Hedlund and Olivia Wilde were onboard to reprise their former characters.

The decision to cancel the project comes just a few days after the lackluster premiere of “Tomorrowland,” which hit theaters this past Memorial Day weekend.

Although the George Clooney sci-fi epic did debut at the top of the box-office, the film only managed to make $42.7M over the four-day weekend. It was one of the worst Memorial Day turnouts for theaters in a decade. Considering it cost Disney roughly $180 million to make the film, the studio was most likely hoping for more.

Although plans were in place for “Tron 3” to start production in the fall, the film was never officially greenlit by Disney. Since “Tomorrowland” produced such a dismal start, odds are the Disney executives behind the decision to continue the Tron franchise got cold feet, and would rather stick to the sure-fire animated and live-action remake-films that have been working in the past.

You can expect a half-dozen or more live-action adaptations from Disney over the next few years, those having been killing at the box-office. “The Jungle Book,” “Beauty and the Beast” with Emma Watson and another “Alice in Wonderland” film are all on schedule to hit your local theater. There are also plans to make a live-action “Dumbo” with Tim Burton directing and live-action “Mulan”.

While “Tron Legacy” did manage to gross $400 million at the worldwide box-office, it didn’t do much beyond that, and for Disney, “beyond that” means merchandise, merchandise and more merchandise.