Codemasters is now confirming that the publisher has decided to can the previously announced title, Heist, that was in development by Inxile Entertainment. The title, originally announced in 2007, was described as a renegade-robbery title that was dropped for multiple reasons by the publisher; according to the whispers we are hearing from those claiming to be in the know.

While it is well known that Codemasters has not been setting the world on fire despite the highly successful Dirt 2, the company has had a string of other titles that just have not done that well at all, and this has caused the company to undertake a purging of titles that are not living up to the quality standards and initiatives that the company has recently put into place. Part of this will be a focus on internally developed franchise titles, such as the recently acquired Formula 1 license that will see its first release on the Xbox 360, PlayStation 3, and PC later this year; and successful titles such as Ashes Cricket franchise as well as the Dirt franchise.

In the case of Heist, little is actually known on the specifics as to why the title was canned, but sources suggest that the extended development period, as well as quality issues, contributed to the decision to drop the title. Our sources report of the length of the development cycle, as well as the amount of money that had been invested so far for a title that still was far from ready for release, as major factors that contributed to the decision.

It is unknown if Inxile Entertainment will attempt to gain the rights to Heist to finish it in hopes of seeking another publisher. From what we have been able to learn so far, things are still up in the air and it will take a bit of time for the studio to sort them out. In the meantime, you can cross Heist off your list of titles expected to arrive this year.