The fourth Austin Powers movie is in development by Mike Myers. In May 2007, Mike Myers said “We’re developing a fourth [movie], entirely from Dr. Evil’s point of view. That is part of what I’ve been doing in the last little while.”
According to Deadline Hollywood Daily, a few more details about Austin Powers 4 have been released:
I’m told that Mike Myers has started writing Austin Powers 4 which will be a homage to his father. “It’s very personal with a father and son theme loosely based on his own life,” an insider tells me. As Myers has previously said, this fourth installment of the super spy spoof movie series will focus on Austin’s arch-villain Dr. Evil, who was based on Blofeld of the Bond films. But what hasn’t been known is that the AP4 plot is really about Dr. Evil and his son (introduced already as Scott Evil, played by Seth Green).”
I find this news pretty shocking because I never felt that another Austin Powers movie would ever exist. All three of the movies were enjoyable and funny. Let’s hope this one leads the pack.