During an interview with Entertainment Weekly, Mike Myers discussed the possibility of studio sources moving forward with a fourth Austin Powers film. "There is hope!" says Myers of the latter. "We're all circling and talking to each other. I miss doing the characters." In an interview with IGN (May 16, 2007), IGN asked, "So no more Austin Powers?" and Myers said, "No, no, there is a fully conceived idea for a fourth and I can just say that it's from Dr. Evil's point of view. So if you balanced how much of it was Austin with Dr. Evil, it's more about Dr. Evil than Austin." It has also been rumored that Jennifer Lopez, Rachel Stevens, Paris Hilton, and Demi Moore are among the actresses being considered to star alongside Myers in the fourth movie. It was also unknown if Jay Roach would return as director of the fourth film. But in mid-February it was announced that Roach will return for this film.

In May 2007, at the Shrek the Third premiere, Mike Myers announced that a fourth Austin Powers film is planned but that it would focus more on Dr. Evil than Austin himself. He also said that he'd be starting work on it when he starts work on another film project The Love Guru, this August.

It was recently confirmed on a daytime TV show in the UK that Austin Powers would not be against Dr. Evil (because of the events at the end of the previous film) but would in fact be co-operating with him against a brand new nemesis codenamed 'Neversoft'.

The release date is said to be November 14, 2008.