In a statement, Millennium Films founder and CEO Avi Lerner said the company was moving forward with "Red Sonja," a remake of a critically panned 1985 film that starred Arnold Schwarzenegger and Brigitte Nielsen, with Singer attached to direct.
"The over $800 million 'Bohemian Rhapsody' has grossed, making it the highest=grossing drama in film history, is testament to his remarkable vision and acumen," said Lerner. "I know the difference between agenda-driven fake news and reality, and I am very comfortable with this decision. In America, people are innocent until proven guilty."
An article published Wednesday in The Atlantic magazine includes accusations that Singer fondled a 13-year-old boy on the set of the movie "Apt Pupil" in 1997, when Singer would have been in his early 30s. Another man claimed he was 17 when Singer had sex with him at a party at his house that same year, while a third man alleged Singer had sex with him when he was just 15. A fourth man said he had sex with Singer when he was 16 after meeting the director at a series of parties the man claimed were designed to link underage boys and older men.
Singer has denounced the Atlantic article as a "homophobic smear piece" designed to take advantage of the success of his most recent film, the Queen biopic "Bohemian Rhapsody."
"It's sad that The Atlantic would stoop to this low standard of journalistic integrity," said Singer. "Again, I am forced to reiterate that this story rehashes claims from bogus lawsuits filed by a disreputable cast of individuals willing to lie for money or attention."
Singer was fired from "Bohemian Rhapsody" late last year amid reports of chronic absences and unprofessional behavior. He is still credited as the director of the film, which was nominated for five Academy Awards -- including Best Picture -- earlier this week.
The Los Angeles County District Attorney's Office earlier investigated claims that male minors were pressured into stripping naked for a shower scene in "Apt Pupil," but declined to press charges. Lawsuits filed by families of the minors involved were settled out of court.
Days after Singer was dismissed from "Bohemian Rhapsody," Cesar Sanchez-Guzman filed a lawsuit in Seattle against Singer alleging the director raped him in 2003 when Sanchez-Guzman was 17. Singer's attorney, Andrew Brettler, at the time said Singer "categorically denies these allegations and will vehemently defend this lawsuit to the very end." The case is still pending.
Founded in 1996, Millennium Films has produced a number of star-driven action films including "The Expendables," ''Olympus Has Fallen" and "The Hitman's Bodyguard."
Fox News' Tyler McCarthy and The Associated Press contributed to this report.