The Disney film has been granted about US$20.2 million funding by the Australian government, reported Variety.

"The government is pleased to agree to Disney's request to enable earlier funding to be repurposed for the production of 'Pirates of the Caribbean 5'," the outlet quoted federal arts minister George Brandis in a statement. "Any decision to film productions in Australia (such as '20,000 Leagues Under the Sea' or 'Pirates of the Caribbean 5') is a commercial matter for Disney."

It was previously reported that Disney was seeking to transfer funding which was initially set for "20,000 Leagues Under the Sea." The Australian government reportedly held the fund after David Fincher quit the director role, said Variety.

"Pirates of the Caribbean 5" is set to start filming in 2015. The film's alleged shooting locations in Australia include Oz, Deadline reported. The makers of the fifth installment of the franchise are also eyeing Puerto Rico and New Orleans, said Deadline in another report. Mexico is also considered as an alternative, Variety noted.

The film is officially titled "Pirates of the Caribbean: Dead Men Tell No Tales." It will be jointly helmed by Joachim Rønning and Espen Sandberg. Script is care of Stuart Beattie, Ted Elliott, Jeff Nathanson, Terry Rossio and Jay Wolpert.

Johnny Depp is expected to reprise his role as the famous Captain Jack Sparrow, said The Christian Post. Also returning to the film are Geoffrey Rush as Captain Barbossa, Jack Davenport as James Norrington and Keith Richards as Captain Teague, the outlet added.

The Christian Post also said that Christopher Waltz, known for his portrayal of Hans Landa in "Inglourious Basterds," is also joining the "Pirates of the Caribbean 5" cast as Captain Brand.

According to Bleeding Cool, the film's plot involves witches and a ghost. There will also be romance brewing - that between "a couple of pretty young Brits from farming families," spilled the outlet.

"I can tell you that the film starts with a rather awkward wedding and climaxes with a riff on the myth of the Bermuda Triangle," added Bleeding Cool's Brendon Connelly.

It should be noted that the aforementioned cast members, story and plot details are still not confirmed so it is best to take all these with a grain of salt.

"Pirates of the Caribbean 5" is listed with a July 7, 2017 release date.