Update: Disney has confirmed that the project is in development, but no production start date has been set yet. See the original story below.

Although it was justifiably maligned by critics, Pirates of the Caribbean: On Stranger Tides went on to cross the $1 billion worldwide mark, which meant another sequel was certainly on its way. We got rumors last summer that Johnny Depp signed on and even a director search had begun, but with Depp running off to film The Lone Ranger with his previous Pirates director Gore Verbinski, things have been fairly quiet. That is, until now.

There was rumors late last month that our Jack Sparrow would be getting an insane $95 million payday for Pirates of the Caribbean 5 and now we’ve got news on when that fat check could be rolling in. Caribbean Business is reporting that Disney has confirmed a Puerto Rico shoot (instead of Hawaii, where the majority of the franchise was shot at) and that signs are pointing to a November 2012 start date, which would likely make this a summer 2014 release.

We heard awhile ago that Disney may shoot back-to-back sequels akin to Dead Man’s Chest and At World’s End, but there’s no indication that’s happening. Also, there’s no director attached yet and according to star Geoffrey Rush, Terry Rossio is still working on the script. But if Disney is doing this one in the same fashion as their last, I don’t think they are all too concerned with those factors. So, with about two months to go before this rumored production date, we should either get some crew announcements soon or that kick-off gets pushed back. In the meantime, check out what Barbossa himself recently told Collider below.

The best part, for me, has been that the writers have managed to give an evolution to the character. He started out as this spat out from hell villain who was the bad guy and an evil dude. And in the course of the subsequent films, he used those particular powers to become a politician, brokering a G20 summit of pirate lords. In the last film, he went over to the other side and worked for the king. So, on that level, it feels as though I’m going into a new terrain each time, which is terrific. And 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.

Do you want to see a fifth Pirates movie? Who should direct?