Without a director or a lead actor, there's no way the studio can go ahead with plans to start filming the "James Bond 21" movie in January 2005. If the film had stayed on track, then the 21st Bond movie would have been released in November, 2005.
According to Variety, the studio had been considering directors Matthew Vaughn ("Layer Cake") and Paul McGuigan ("Wicker Park") but haven't been able to close a deal with any director.
Actors rumored to be in the running (or actors fans have indicated they'd like to see in the role) include Christian Bale, Eric Bana, Dougray Scott, Ioan Gruffudd, Hugh Jackman, and Clive Owen.
SOURCE: Variety

