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The 48-year-old actor has already confirmed he is prepared to continue playing the lead role of Captain Jack Sparrow for as long as necessary, and the success of Pirates of the Caribbean: On Stranger Tides - which has taken over $1bn at the international box office - has made him quick to enter into negotiations.
A source close to the franchise told The Wrap a "rough draft" of the script has been entered and producer Jerry Bruckheimer and others involved in the movies have been meeting three to four times a week to improve it.
Johnny has yet to see the story, and the final deal will depend on whether he will like it.
So far the previous four films have earned $3.7bn at the international box office.
Speaking about the possibility of future movies in the series earlier this year, Johnny said: "I still enjoy playing Jack - there's always more to explore in him. I never want to say goodbye. I love Captain Jack so much I would do 'Pirates 8' if they ask me."
