Producers Michael G. Wilson and Barbara Broccoli say development of the movie was suspended after MGM failed to find a buyer. They said late Monday they did not know when work would resume.
MGM put itself up for sale after a slump in DVD sales and a lack of hits left it unable to manage a $3.7 billion debt.
Wilson and Broccoli's EON Productions has produced 22 Bond thrillers since 1962. The new film, known only as "Bond 23," had been due for release in 2011 or 2012.
Bond actor Daniel Craig says he has confidence in the producers and looks forward to production resuming.