There had been a report on Monday, 27 June that the 59-year-old was set to return to the big screen as Captain Jack Sparrow with a deal allegedly made worth $300m (£245m) for the actor's comeback, Australian news outlet PopTopicreported.
"Disney is very interested in patching up their relationship with Johnny Depp," the source told the publication.
"They are very hopeful that Johnny will forgive them and return as his iconic character."
However, much to the disappointment of fans it has since been denied by Depp's representatives who told NBC News (via E! News): "This is made up."
Producer of the action franchise, Jerry Bruckheimer who is currently working on two films was asked by The Sunday Times if Depp will reprise his role to which he said: "Not at this time," but also added: "The future is yet to be decided."
Depp played Captain Jack Sparrow in all five films with his last appearance being in the 2017's Pirates of the Caribbean: Dead Men Tell No Tales.