The Great Gatsby` set for summer 2013 release

London -  Studio bosses Warner Bros has announced that Baz Luhrmann’s 3D adaptation of ‘The Great Gatsby’ will not be released until next summer.

The film, starring Leonardo DiCaprio and Carey Mulligan, had been due for release on Christmas Day in the US and the day after in the UK.

However, Warner Bros said it was pushing the film back to ensure it “reaches the largest audience possible,” the BBC reported.

The release date puts the film, based on F Scott Fitzgerald’s novel, out of contention for next year’s Oscars.

A Christmas release would have pitted the film against other highly anticipated movies including ‘Les Miserables,’ Tom Cruise’s ‘Jack Reacher’ and the first instalment of ‘The Hobbit’ trilogy.

It will now battle against summer blockbusters like ‘Iron Man 3,’ ‘Star Trek 2,’ ‘Monsters University’ and new Superman film ‘Man of Steel.’

A summer release also makes Luhrmann’s film a much less-favoured contender for the 2014 awards season.

Film studios generally line up Oscar contenders for December and January, which is when Academy voters receive their ballot papers.

Two unnamed sources close to the production told the LA Times that the extra time would allow Luhrmann “more time to finish its extensive 3D effects and a planned all-star soundtrack.”

“Based on what we’ve seen, Baz Luhrmann’s incredible work is all we anticipated and so much more,” Dan Fellman, Warner Bros’s president of domestic distribution, said in a statement.

“It truly brings Fitzgerald’s American classic to life in a completely immersive, visually stunning and exciting way.

“We think moviegoers of all ages are going to embrace it,” he added.