'Jurassic Park 4' Production Delayed

Universal Pictures

It's been years in the making, but the production of the anticipated sequel Jurassic Park 4 has been further delayed.

Universal announced today that the fourth installment of the sci-fi adventure series based on books by Michael Crichton was put on hold because the studio says it needs more time for development.

PICS: Role Call: Who Got Hired In Hollywood?

"In coordination with filmmakers, Universal has decided to release 'Jurassic Park 4' at a later date giving the studio and filmmakers adequate time to bring audiences the best possible version of the fourth installment in Universal’s beloved franchise," Universal said in a statement.

The conception of creating Jurassic Park 4 began over a decade ago and was initially slated for release in 2005, but production was continually delayed due to script revisions and the project eventually fizzled out.

After years of speculation, Universal confirmed in January that the sequel was back on and scheduled for release on June 13, 2014 with production to commence on June 24.

VIDEO: A 'Star Wars' Prequels Flashback

The most recent film in the Jurassic Park franchise, Jurassic Park III, was released in 2001 to a less enthusiastic response at the box office than its predecessors by a relatively wide margin, bringing in $368.8 million worldwide.

At the time it was released in 1993, the original Jurassic Park was the highest-grossing film worldwide in history, raking in an astounding $967.2 million ($1.6 billion, inflation-adjusted) and also nabbing three Oscars for visual effects and sound editing and mixing.

Its follow-up, The Lost World: Jurassic Park, followed suit in 1997 with an impressive $618.3 million worldwide.

VIDEO: Trailer Sneak Peek: Clooney Defies 'Gravity'

Steven Spielberg, who directed the first two films in the franchise, is expected to produce Jurassic Park 4 as he did for Jurassic Park III. Colin Trevorrow is slated to direct the film.