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The 31-year-old singer was due to portray a young performer who falls in love with an older declining star in Eastwood’s version of the film, but has dropped out due to scheduling issues.
She said in a statement: “I was looking forward to the production of A Star Is Born and the opportunity to work with Clint Eastwood.
“For months we tried to coordinate our schedules to bring this remake to life but it was just not possible. Hopefully in the future we will get a chance to work together.”
Eastwood’s film will be the fourth version made of William A. Wellman’s original 1937 motion picture, which starred Janet Gaynor and Fredric March and was nominated for seven Oscars.
Wellman’s film was followed by George Cukor’s 1954 remake, with Judy Garland and James Mason taking the main roles, before Barbra Streisand and Kris Kristofferson again reprised the roles in the 1976 version, directed by Frank Pierson.
It is not yet known who will portray the declining star but Bradley Cooper has been linked to the male lead.
Beyoncé Knowles’ film career can charitably be described as stop-start since she made her acting debut a decade ago in the role of Foxxy Cleopatra in the 2002 film Austin Powers in Goldmember.
Her most critical successful came in 2006 with musical drama Dreamgirls, in which she starred alongside Eddie Murphy, Jennifer Hudson and Jamie Foxx. She also starred in The Pink Panther, opposite Steve Martin and Jean Reno, in the same year.
She has since starred in Obsessed, opposite Idris Elba, as well as portraying Etta James in Darnell Martin’s 2008 film Cadillac Records.