"Pirates of the Caribbean 5" was originally scheduled for release in July 2015 but was pushed back due to production problems this week.
The fifth installment of the mega million-film franchise will see the highly anticipated return of Johnny Depp in character as the famous Jack Sparrow.
However, issues with the script as well as the film's budget have gotten in the way of completing the Disney film, according to The Hollywood Reporter.
"We have an outline everyone loves, but the script is not done," said producer Jerry Bruckheimer.
The "Pirates" producer went on to imply that cast members, including Depp, have not yet agreed to all aspects of the film, which may be causing the delay.
"We want a script that everyone's signed off on and a budget that everyone's signed off on," said Bruckheimer.
Furthermore, studio sources say that a 2016 release is likely for the fifth "Pirates" title, "Dead Men Tell No Tales."
Nevertheless, shooting for "Dead Men" is still scheduled to begin in January. However, there is speculation that Disney's indecision about committing to a release date for the film may be rooted in Depp's recent box office disappointment.
The actor starred in "The Lone Ranger" earlier this year, a film that cost about $215 million to make, yet only raked in $243 million globally.
Meanwhile, "Pirates of the Caribbean: Dead Men Tell No Tales" arrives after the first of the hit fantasy adventure comedy films- "Pirates of the Caribbean: The Curse of the Black Pearl," released in 2003.
The next title was 2006's "Dead Man's Chest," followed by 2007's "At World's End" and then 2011's "On Stranger Tides."
The franchise is the sixth highest-grossing film series of all time, and has grossed $3.72 billion worldwide.