In February 2014, in an interview with Fox Business Network, Katzenberg hinted that a fifth film still may be made, saying, “We like to let them have a little bit of time to rest, but I think you can be confident that we’ll have another chapter in the Shrek series. We’re not finished, and more importantly, neither is he.” On June 15, 2016, after NBCUniversal purchased DreamWorks Animation for $3.8 billion, NBCUniversal's president and chief executive officer Steve Burke discussed plans to revive the franchise, as well as other DreamWorks films. In July 2016, The Hollywood Reporter cited sources saying that a fifth film was planned for a 2019 release.
In September 2016, Eddie Murphy confirmed that the film was expected to be released in 2019 or 2020, and that the script had been completed, saying, “They took a nice long break [after 2010's Shrek Forever After]. 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. 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.” In October 2016, Mike Mitchell stated that Austin Powers screenwriter Michael McCullers had written a script based on his own original idea, saying, “They’ve got a pretty good story. It’s being written by Michael McCullers who wrote all of the Austin Powers films. He came up with a really great idea that they’re exploring. There’s more story to tell there and we’re ready to help tell it for sure.” In March 2017, asked about the script, McCullers said it featured "a pretty big reinvention" for the film series, saying, “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.“
On November 6, 2018, it was reported by Variety that Illumination's CEO and founder Chris Meledandri had been tasked by Universal Pictures to reboot both the Shrek and Puss in Boots film series, with the original cast potentially returning.
- Mike Myers as Shrek
- Eddie Murphy as Donkey