The film is scheduled for a December 22 release, giving the film's producers less than two months to completely redo all of Spacey's scenes.
But rather than push the film to 2018, Deadline reports that Sony is cutting Spacey out of the movie, reshooting his scenes with Oscar victor Christopher Plummer, and keeping the film's December release date.
They've also confirmed that another Spacey project, a Gore Vidal biopic, will not be released.
Spacey has suffered a rapid fall from grace since actor Anthony Rapp, who starred in the 2005 musical Rent, accused Spacey of making sexual advances toward him in 1986 when Rapp was 14.
The Black List screenplay, written by David Scarpa, centers on the 1973 kidnapping in Italy of J. Paul Getty III - the rebellious teenage grandson of oil billionaire J. Paul Getty, who was reluctant to pay the $17 million ransom demanded by the kidnappers.
The mounting allegations of sexual assault involving Oscar-winning actor Kevin Spacey are taking a mounting toll on his career. It's not an entirely impossible task to redo his scenes, as much of the film focuses on Michelle Williams as Gail Harris and Mark Wahlberg as Fletcher Chase, Getty's assistant.
Heather Unruh wiped back tears when she told the story of how the actor bought her 18-year-old son many drinks at a restaurant in Nantucket on July 2016, then touched him inappropriately. "I honestly do not remember the encounter, it would have been over 30 years ago", Spacey said in his statement.
Online, people are pointing out how unprecedented the move was to remove Spacey from the film. The allegations have led to his firing from the hit television series House of Cards by the streaming service Netflix, which has also refused to release a film in which Spacey stars as the late American writer and critic Gore Vidal.