UPDATE: After news broke on Wednesday that Will Ferrell and Kristen Wiig would be teaming on a Lifetime movie, “A Deadly Adoption,” it looks like the project is not meant to be. Ferrell issued a statement on Thursday saying the project, which had reportedly already been filmed, will be scrapped.

“We are deeply disappointed that our planned top-secret project was made public,” said Ferrell in a statement. “Kristen and I have decided it is in the best interest for everyone to forgo the project entirely, and we thank Lifetime and all the people who were ready to help us make this film.”

The project was supposed to air this summer. The Hollywood Reporter first reported news of the movie on Wednesday, and Lifetime confirmed the news to Variety on Thursday, shortly before Ferrell issued the statement.

“A Deadly Adoption” is a two-hour dramatic thriller that stars Ferrell and Wiig in a story of an adoption that goes horribly wrong that is also a tongue-in-cheek sendup of, well, classic Lifetime movies.

The TV movie is based on a script from Andrew Steele, who also worked with Ferrell and Wiig on the IFC miniseries parody “The Spoils of Babylon.” Rachel Lee Goldenberg, who has created shorts for Ferrell and Adam McKay’s Funny or Die, directed; “90210” alum Jessica Lowndes also starred.

The project was exec produced by Ferrell and McKay’s Gary Sanchez Productions. Steele also exec produced, as did Sharon Bordas, Fernando Szew and Jessica Elbaum.

Ferrell is repped by UTA, Mosaic and Jackoway Tyerman. Wiig is repped by UTA and Jackoway Tyerman.

Entertainment Weekly first reported news of the film being scrapped.