A source told the New York Post newspaper: 'Mike is in talks to turn 'Austin Powers' into a musical stage show. Mike would be heavily involved in writing the show, but he will not star in it, even though he has quite a good singing voice.' As well as the musical project in the pipeline, Myers has also reportedly reached a deal with New Line to write and star in a fourth film.

A source said: 'The deal is in place, and Mike is currently writing the new 'Austin Powers' film. But no date has yet been set to start filming. It is not yet clear if this will be a 2013 or 2014 release.'

The three previous movies - 1997's 'Austin Powers: International Man of Mystery', 1999's 'Austin Powers: The Spy Who Shagged Me' and 'Austin Powers in Goldmember' which was released in 2002 - banked a phenomenal $676 million worldwide at the box office.

source: msn