Is a 5th Pirates of the Caribbean Already in the Works?

So it’s still four months away (May 20^th to be exact) until we get to sink our eager teeth into the fourth installment of Captain Jack Sparrow’s adventures in Pirates of the Caribbean: On Stranger Tides, but the rumor mill has it that the film’s star, Johnny Depp, is on board (no pun intended) to continue the franchise for a fifth film. Disney has officially signed Terry Rossio, veteran Pirates writer, to develop another storyline. Hit the jump for more details!

According to Deadline.com, this fifth film will be the first without Rossio’s writing accomplice, Ted Elliott, who helped pen the four current films. Also, Disney is trying to secure On Stranger Tides director Rob Marshall to make a second Pirates film with his vision.

Entertainment Weekly reports that Depp would “most definitely consider” reprising his role once again. The magazine’s Pop Watch writer, Darren Franich, speculates the desperation behind a fourth and fifth film, considering the lacking quality in fifth films like Terminator: Salvation, Rocky V, and Star Trek V: The Final Frontier, whereas Harry Potter and the Order of the Phoenix and You Only Live Twice (a James Bond installment) are the only fifth films of any importance.

Is Disney trying to compete with long-running Harry Potter success, reintroducing a beloved series to younger audiences as time goes on? At this time, there are no other details except for the rumors, but what do you think? Is a fifth Pirates going too far? Can Depp carry another film or is it too drawn out?