The film was originally set to be released in 2020 and would have featured Jack making friends with a female giant child.
Now that huge is no longer being developed, Disney will be moving on to a different project to fill the 2020 release window that was previously occupied by big.
The story would have been set in Spain during the age of exploration (so somewhere roughly between the 15th and 17th centuries), this new take on Jack And The Beanstalk finds adventure-seeker Jack heading into the clouds in what starts as a fairly traditional take on the fairy tale.
"It is impossible to know, when we start a project, how the creative process will evolve and, a few times, regardless of the passion that inspires us, or our love of the topic, it simply does not work".
Disney had originally announced enormous during the D23 Expo in 2015.
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Apparently the studio got to the point where the creative process has hit a wall and they are "ending active development for now".
Disney is no stranger to cancelling animated films.
No details yet on which film will take Gigantic's place in the lineup, though the report notes that it is another original feature.
Robert Lopez and Kirsten Anderson-Lopez, the songwriting duo from "Frozen", had been signed up to contribute songs for "Gigantic", which was to be directed by Nathan Greno (Rapunzel retelling "Tangled") and "Inside Out" co-writer Meg LeFauve.
Elsewhere, Pixar is preparing to launch the animated musical Coco on November 22, and Disney Animation will release Ralph Breaks the Internet: Wreck-It Ralph 2 on November 21 2018. "We focus our energy on other projects, that we will be unveiling soon, and which are now planned for Thanksgiving 2020".