'Shrek 5' is being developed. I finished that script, which I really, really, really love. It's really personal to me. It's got a pretty big reinvention behind it that I guess I can't really reveal, but since DreamWorks was sold to Universal in that time for over $3 billion, I imagine they're particularly interested in it stepping up and actually figuring out the future of the franchise in that way on the corporate level. Reinvention was sort of called for. There's been four movies and a lot of material, so the characters are pretty beloved and they're great characters, but you also have to think of a pretty new take at that point.
Six months ago, Eddie Murphy talked to CinemaBlend about returning to the series, indicating he's on board: "They took a nice long break. The next 'Shrek' ... I think Jeffrey [Katzenberg, producer] told me 2019? 2019 or 2020, it will be ready. But they've got a good script, they wrote a nice good script."
He also told Collider why we'll keep seeing more movies about the big green guy. Money! "Anything that's been as successful as 'Shrek,' anything that people really like, they're always going to make those movies. They don't stop making those types of movies until the audience says 'no more!' If it's been successful you'll see another 'Toy Story' and 'Shrek' is one of those movies."
The last film, "Shrek Forever After," was released in 2010.