AceShowbiz -

Noah Baumbach is reportedly losing two of the cast members for his upcoming film "While We're Young". Just Jared learns that James Franco and Cate Blanchett have dropped out of the project which was set to begin shooting in mid-June.

Franco is said exiting the drama because he has a schedule conflict with "Oz, the Great and Powerful" in which he plays the titular character. As for Blanchett, reason of her departure is not specified by the site but it is possibly that there is overlap with the production for "The Hobbit" where she will reprise her "Lord of the Rings" role.

"While We're Young" will tell a story about a free-spirited Brooklynite twenty-something couple who inspires an uptight documentary filmmaker and his wife to loosen up a bit. Ben Stiller is cast as the documentarian and Blanchett was set to be his wife. Franco would have played one-half of the twenty-something couple and Greta Gerwig was supposed to play his partner, but her schedule did not work out. Thus, Stiller is the only actor who is still attached to the project.

"While We're Young" will be directed and is written by Noah Baumbach, with Scott Rudin producing it.