"I have greatly enjoyed the collaborative process on Houdini," Jackman said in a statement. "Ultimately, though, I wasn't able to commit to the time this role will require. I have tremendous respect and admiration for the creative team and I wish everyone the best. I know they're well on their way to making something extraordinary."
As previously reported, Tony winners Scott Sanders and David Rockwell are producing the musical about the life of the turn-of-the-century illusionist, which features a score by Tony Award nominee and three-time Academy Award winner Stephen Schwartz (Wicked, Pippin, "Pocahontas").
Houdini had previously been announced for a Broadway arrival during the 2013-14 season. A representative for the production confirmed the new targeted 2015-16 Broadway arrival.
Academy Award-winning screenwriter and playwright Aaron Sorkin had been attached as the book writer for Houdini, but departed the project in early 2013. His successor has not been named.