Austin Powers may be back, baby.
The individual told TheWrap that a deal is expected.
It's been nine years since the last "Austin Powers" movie.
The “SNL” alum, who writes, produces, and stars as multiple characters in each film, has made three Austin Powers movies: 1997’s “Austin Powers: International Man of Mystery,” which commanded $67,683,989 in the box office.
A report on HitFix that Myers had closed his deal was incorrect, according to two individuals with knowledge of the negotiations. New Line has long wanted to make the movie, but coming to terms with Myers has been complicated.
Negotiations to make the sequel have been ongoing for more than a year, one of those individuals said.
In 1999, “Austin Powers: The Spy Who Shagged Me” proved its value: It had a production budget estimated at $33 million budget and grossed $312 million worldwide.
The third installment, “Austin Powers in Goldmember,” which featured Beyoncé as the film’s leading lady, was upped to a $63 million budget. It grossed $296,655,431 worldwide in 2002.
With nine years since “Goldmember,” Myers and the studio are working out the kinks for the fourth installment.
Myers is something of a franchise machine: He starred in the 1992 and 1993 "Wayne's World" movies. More important, he's the voice of "Shrek" in all four movies plus a short.
The actor had a small role in the 2009 "Inglorious Basterds," and wrote and starred in the badly received 2008 "The Love Guru."