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The 37-year-old actor, who was set to make her feature film directorial debut with the project, said the film had now changed hands.
“I never owned (the rights), so it went away for me. It went to other hands. That’s not in my hands anymore,” Dunst told Entertainment Weekly.
However, a source close to the project has confirmed that Dakota Fanning is still involved in a version of the 1963 novel, currently in development as a Showtime limited series without Dunst.
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Dunst previously helmed two shorts: “Welcome” (2007) and “Bastard” (2010).
“The Bell Jar” is Plath’s only novel written just before she committed suicide in 1963.
The story, written by Plath under pseudonym Victoria Lucas, revolves around a young woman called Esther Greenwood, who used to work as a magazine intern in New York City before having a mental breakdown upon travelling home to Boston.