The fourth installment in the "Austin Powers" franchise is coming closer to becoming a reality.

Hitflix reports that Mike Myers will star in, produce and write the comedy which he has done previously.

The films revolve around a snaggletooth-sporting international man of mystery known as Austin Powers as he travels the world and through time, in his efforts to stop his nemesis Dr. Evil, a James Bond-inspired villain.

However, the Hollywood Reporter stated that while Myers is set on doing the project, he is still able, at this point, to drop out of the project.

The ex-Saturday Night Live cast member is also the voice of Dreamworks' "Shrek" and hasn't appeared as the lead in a live action film since "The Love Guru" in 2008 which became a commercial and critical flop.

The first film in the Powers franchise arrived in 1997 with "Austin Powers: International Man of Mystery" and followed with "The Spy Who Shagged Me" in 1999 and "Austin Powers in Goldmember" in 2002. The trilogy grossed a total of $676,356,278 worldwide.