** UPDATE: Walt Disney Pictures says that yes, it's true that the project is in development, but the story at Caribbean Business is not accurate. **
Looking back a few years ago, Pirates of the Caribbean 5 was in development long before Pirates 4 aka On Stranger Tides hit theaters. Tides went on to gross over $1 billion worldwide, proving there was still a ton of money to be made from the franchise. To date, the four Pirates movies have grossed over $3.5 billion worldwide.
The Film Stage dug up a Caribbean business website that reports the film will begin shooting in Puerto Rico this November. Rob Marshall is likely to helm the film which will see the return of Johnny Depp's Capt. Jack Sparrow.
The Puerto Rico Film Commission states, "Disney just confirmed that they have picked Puerto Rico over Hawaii," in regards to Pirates 5. The previous four films were shot around the Hawaiian islands.
In a recent Collider interview, star Geoffrey Rush said that he hadn't heard of any updates.
If Pirates 5 does indeed begin filming in November, we can most likely expect it to sail into theaters for summer 2014, which is currently populated with the final Hobbit movie, Transformers 4, Amazing Spider-Man 2 and a yet-to-be-titled X-Men sequel, among other tentpole films.
While the box office numbers suggest there's plenty of life left in the Pirates franchise, are you interested in a fifth movie?