Vince Vaughn's latest project has been given the red light.

Crime drama "Term Life," which was set to co-star Hailee Steinfeld ("True Grit," "Romeo and Juliet"), has officially been canceled by Universal - only slightly more than a month after studio chairman Adam Fogelson was replaced by Jeff Shell in a highly-publicized executive shakeup. The film would have seen Vaughn starring as a mob-targeted man attempting to stay alive just long enough for his insurance policy to kick in so his daughter would be taken care of financially. In addition to playing the lead, Vaughn was producing the film through his Wild West Picture Show Productions shingle.

The news was broken by Deadline.

Vaughn was last seen in "The Internship" opposite Owen Wilson. Coming up he has the sperm donor comedy "Delivery Man" co-starring Chris Pratt and the highly-anticipated Will Ferrell sequel "Anchorman 2: The Legend Continues."

Are you disappointed that "Term Life" won't be moving forward? Let us know in the comments.