DreamWorks Animation previously unveiled plans to release another instalment in the franchise about the lovable green ogre and now it has been revealed that McCullers is currently writing the script and will be reunited with Mike Myers, who starred as spoof spy Powers and voices Shrek.
In an interview with Hollywood News, 'Trolls' co-director Mike Mitchell - who directed 'Shrek 2' - said: "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."
His 'Trolls' co-director Walt Dohrn - who helmed 'Shrek Forever After' - added in the join interview: "There's more story to tell there and we're ready to help tell it for sure."
As well as his work on the three 'Austin Powers' movies, McCullers is known for his work on 'Saturday Night Live' and also wrote and directed 'Baby Mama' and contributed to the screenplay for the animated film 'Mr. Peabody & Sherman'.
Although the writer has been confirmed, there is currently no director attached to 'Shrek 5', but Dohrn is hoping he and Mitchell will be asked following their work on latest DreamWorks Animation 'Trolls'.
Dohrn said: "We wanna be (involved). We'd love that."
The fourth film, 'Shrek Forever After', was released in 2010 and was followed by spin-off 'Puss in Boots' in 2011.
Myers has voiced Shrek in every film with Cameron Diaz playing his wife Princess Fiona, Eddie Murphy as Donkey and Antonio Banderas as Puss.