The 49-year-old actor is known to have left the project after demands of cutting his fees by half, said a newspaper.
With low sales of the movie at Cannes the producers were looking to trim the budget of the film to a USD 60 million range. The film is based on Boston mob kingpin Whitey Bulger and his close relationship with FBI agent John Connolly.
Actor Joel Edgerton will play the disgraced FBI agent. Depp will next be seen in 'The Lone Ranger' releasing on July 3.
Photos: Shah Rukh Khan, Shweta Bachchan at Karan Johar's book launch
Photos: Sunny Deol with sons Karan and Rajvir at Mumbai airport
Photos: 10 beautiful moments that capture winter around the world
Photos: Karisma Kapoor, Preity Zinta, Shraddha Kapoor at Mumbai airport
Spotted: Anushka Sharma and Diljit Dosanjh at Mumbai studio