The actress instead plans to focus on Ayan Mukherji's Yeh Jawaani Hai Deewani.
"Race 2 is meant to be shot between January 2012 and June 2012. Saif [Ali Khan], John Abraham, Anil Kapoor and Sonakshi Sinha have allotted dates accordingly," a source told The Times of India.
"However, Deepika is not able to accommodate this film now as the dates of Race 2 and Yeh Jawaani Hai Deewani are clashing."
It is rumoured that Race 2 producer Ramesh Tamauri is angry over Padukone's decision to choose Kapoor's project.
Padukone and Kapoor dated for over a year, but split when the Rajneeti star began dating actress Katrina Kaif.
In November 2010, Padukone said that she does not hold a grudge against her ex-boyfriend as she is not the one with "regrets" over the ending of the relationship.
Saif Ali Khan recently said that Padukone is one of the few actresses in Bollywood that he is willing to work with after the pair appeared again together in controversial caste drama Aarakshan.
