UPDATE: Walt Disney Pictures tells us that yes, it's true that the project is in development, but the story at Caribbean Business is not accurate. The original post follows:

Last year, it was reported that Pirates of the Caribbean: On Stranger Tides co-writer Terry Rossio had turned in a script for a possible fifth installment of the popular Walt Disney Pictures franchise. Today, Caribbean Business (via The Film Stage) is reporting that the studio has selected Puerto Rico to mount the majority of the pending production.

“Disney just confirmed that they have picked Puerto Rico over Hawaii,” Puerto Rico Film Commission Executive Director Mariella Pérez said. The site added that filming is expected to begin in November.

Scenes from the fourth film, Pirates of the Caribbean: On Stranger Tides, were shot in Puerto Rico two years ago, but the bulk of franchise has been shot in Hawaii.

At this point, details on a fifth few film are few and no cast or director has, as of yet, been announced.

"On Stranger Tides," released in May of last year, was directed by Rob Marshall and grossed over a billion dollars at the worldwide box office. That film starred Johnny Depp, Penelope Cruz, Ian McShane, Kevin R. McNally, Astrid Berges-Frisbey, Sam Claflin and Geoffrey Rush.