According to the movie's producers, uncertainty over the future of film company MGM is behind the move.
Michael Wilson and Barbara Broccoli have said they don't know when work will resume on the 23rd Bond film, for which there is no release date.
MGM has debts of £2.4bn and is currently struggling to find a buyer.
"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," confirmed the producers, of company EON Productions.
The new film, which was believed to still be in the early stages of development, would have been Daniel Craig's third outing as 007.
It was rumoured to feature appearances by Rachel Weisz and Billy Elliot star Jamie Bell.
Movie insiders remain optimistic that the film will go ahead eventually once the sale is sorted out, or if another studio picks up the rights to the extremely lucrative franchise.