Plans for the film were cancelled according to David Oyelowo, speaking with the LA Times in May 2025. He indicated that the sequel/reboot is one of several productions facing cancellation, attributing the decision to a changing industry landscape where Diversity, Equity, and Inclusion (DEI) are reportedly no longer a focus in the changing political and social landscape. He stated, "We gained traction with that project in the wake of the George Floyd murder and in a moment where there was a cultural correction and people seemed to want to do better. But now we're in a moment where it's evident that a lot of that was performative and not bone-deep. Projects like that suddenly become challenged. 'Onyeka' being one, 'Return of the Rocketeer' at Disney being another." Oyelowo asserted that the project has become a casualty of a broader industry trend: the perceived abandonment of any diverse storytelling over fears of woke accusations.
Announced in August 2021, Return of the Rocketeer was intended as a sequel/reboot, though there are conflicting reports about who would be the new Rocketeer. Some say it would introduce a Black female lead who would take over the iconic Rocketeer mantle from Cliff Secord (played by Billy Campbell in the 1991 film), but others say David Oyelowo may play a retired member of the Tuskegee Airmen who becomes the Rocketeer. Oyelowo and his wife were instrumental in developing the project as executive producers.