UPDATE:  Disney has released a statement confirming that Pirates 5 is in development, but that the news of a Puerto Rico shoot this November “isn’t accurate.”

Pirates of the Caribbean 5 has been a long time in the making – the script (written, and rewritten) was in development long before before Pirates of the Caribbean: On Stranger Tides grossed over $1 billion worldwide – and now apparently the film will finally begin shooting soon. Pirates 5 will star Johnny Depp and will likely be directed by Rob Marshall.

So, what was the hold-up? Well, according to /Film, it seems with producer Jerry Bruckheimer off making The Lone Ranger with Gore Verbinski, things went a bit quiet on the seven seas. There was also the question of who was to direct.

Now, this story’s been reported on a Caribbean business website (CaribbeanBusinessPR.com), which states the film will begin shooting this November citing the location as Puerto Rico, which seems a bit odd considering the rest of the series had been primarily shot in Hawaii.

The website quoted the executive director of the Puerto Rico Film Commission saying “Disney just confirmed that they have picked Puerto Rico over Hawaii” in regards to Pirates 5. But maybe it’s not so strange after all, considering Gov. Luis Fortuno signed a tax break package for the island earlier this summer hoping to attract more Hollywood productions. Ah, that’ll be why. Mystery solved.

However, Disney have not confirmed anything apart from the fact that the film is in development, and we’re not sure how accurate some of the details from above website are. We’ll keep you updated as soon as we hear anything new.

In the meantime, here’s what co-star Geoffrey Rush had to say about it in an interview with Collider:

“I believe, in the script that’s being developed for the fifth film, they do it with great care and consideration. The writers and Jerry Bruckheimer, as producer, can’t start a film like this, with a creative team that’s so huge and the amount of money that’s involved, without knowing that the script is in good shape. You can’t start shooting this sort of stuff, if there’s holes in it. But, as to when it will go, I know nothing.”

What do you make of the Pirates 5 news?