The governing setting 'Maximum Report Execution Time' can be defined at the Project Configuration level in Strategy, as shown below:

Although there is no direct equivalent to this setting at the report level, there is an alternative that should suit many scenarios. This can be achieved via the report level VLDB property > SQL Time Out (Per Pass), as illustrated below:

In the case of single pass reports, both settings are almost equivalent. For multi pass reports, this setting will apply to the longest executing pass. Also note that the smallest time out will always prevail. In other words, it is possible to define a time out for executing reports different from the project default only if this time out is smaller than the project one.