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The next James Bond instalment has reportedly been put on hold for an indefinite period of time by MGM.

The studio was apparently forced to postpone the release, tentatively called Bond 23, due to its ongoing financial troubles.

EON Productions executives Michael G. Wilson and Barbara Broccoli announced the delay in a statement released to Variety.

"Due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on Bond 23 indefinitely," the two explained.

"We do not know when development will resume and do not have a date for the release of Bond 23."

Earlier this month, MGM dismissed rumours that screenwriter Peter Morgan had quit the Sam Mendes-directed project. In October, star Daniel Craig claimed that the picture would start shooting at the end of this year.