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The series was due to be set thousands of years before the events of the original series.
HBO executives watched a pilot over the summer but were reportedly not impressed with it, according to TV Line. Producer Jane Goldman was then asked to return to editing and make a host of changes, however, the end result still failed to impress, according to the website.
A synopsis for the canned prequel reads: "The series chronicles the world's descent from the Golden Age of Heroes into its darkest hour. And only one thing is for sure: from the horrifying secrets of Westeros' history and the true origin of the White Walkers, to the mysteries of the East and the Starks of legend... it's not the story we think we know."
The series was co-created by Goldman and George R.R. Martin, who wrote the original A Song of Ice and Fire novels on which the TV series was based.
Speaking to net-a-porter in August, Watts said: "I didn't start watching until I was approached about this job. But my brother [photographer Ben Watts], who is heavily into it, told me, 'Under no circumstances are you going to turn this down.'"
The likes of Josh Whitehouse (Poldark), Jamie Campbell Bower (Harry Potter and the Deathly Hallows) and Georgie Henley (Chronicles of Narnia) also featured in the cast.
The prequel series was one of several Game of Thrones-based projects put into development by HBO following the conclusion of season eight earlier this year, but none of the other projects are believed to be moving forward at this stage either, according to Variety.
The news will no doubt elicit mixed feelings among fans of the show. Many viewers were left disappointed by the final season, claiming it failed to live up to the hype created by previous series. However, the public backlash over anti-climatic plot points and misplaced coffee cups didn't stop the season from going on to receive 32 Emmy nominations - more than any show has ever received in a single year.
The final season ultimately clinched 12 of these awards, including the all important 'Outstanding Drama Series' award.
LADbible has contacted HBO for comment.
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