Johnny Depp's Rep Denies Report That Actor Is Returning to Pirates Franchise

Jack Sparrow fans might have to wait a bit longer — or indefinitely — to see Johnny Depp don the kooky swashbuckler's hat once more.

A rep for Depp, 59, tells PEOPLE that a report claiming the actor is returning to the Pirates of the Caribbean franchise for a payday of over $300 million is "false."

The saga's producer Jerry Bruckheimer told U.K. outlet The Times in an interview published last month (while Depp was in court for his defamation trial against ex-wife Amber Heard) that his team was working on "two Pirates scripts — one with [Margot Robbie], one without."

As for Depp potentially being involved, Bruckheimer, 78, said, "Not at this point" but "the future is yet to be decided."

Depp won his defamation claims against Heard, 36, earlier this month, concluding a contentious six-week legal battle in Virginia that put their private lives in the public eye. (Heard also won one of her three claims of defamation, and her lawyer said that she plans to appeal.) Afterward, Depp said in a statement that the jury "gave me my life back" and the "best is yet to come" for him.

While Hollywood insiders have conflicting views on whether his career will bounce back after the trial, a former Disney exec thinks Depp could be asked to return to the Pirates franchise soon.

"I absolutely believe post-verdict that Pirates is primed for rebooting with Johnny as Capt. Jack back on board," the former exec told PEOPLE following the verdict. "There is just too much potential box-office treasure for a beloved character deeply embedded in the Disney culture."

"With Jerry Bruckheimer riding high on the massive success of Tom Cruise in Top Gun: Maverick, there is huge appetite for bringing back bankable Hollywood stars in massively popular franchises," the insider added.

Depp earned an Oscar nomination for playing Jack Sparrow in the original 2003 film Pirates of the Caribbean: The Curse of the Black Pearl. The hit sequels came out in 2006, 2007, 2011 and 2017.

Another Hollywood insider who has worked on previous Pirates films told PEOPLE it is "not very likely" Depp will "come back as a star, but they'd probably make Pirates 6 with Margot Robbie or someone similar." (It was previously reported that Robbie, 31, was being eyed for a Pirates reboot.)

The insider, who estimates the sequel wouldn't "likely" be released until 2025 due to production timelines, said, "I would think they make Robbie his daughter and likely have a cameo with him as a test."

During his time testifying in the defamation case, Depp spoke about his falling out with Disney executives, saying he felt he'd become "guilty until proven innocent." The star — who also has the Alice in Wonderland franchise with the company — said on the stand that he would not work with Disney again, even if they offered him a $300 million paycheck.

About that comment, the Hollywood insider told PEOPLE, "I don't believe that based on his money troubles, especially given Pirates is a billion-dollar global franchise."