The latest word on the upcoming Pirates of the Caribbean sequel indicates that Johnny Depp will have a new co-star: Penelope Cruz!

The new and 4th installment in the Pirates series is called “On Stranger Tides.”

It is reportedly centered around a story that finds our heroes (or whatever you call these folks) searching for the fountain of youth.

Disney is planning a huge Pirates movie release in May 2011 for this film, and expects huge profits from opening week tickets.

Penelope Cruz will play a new character, but there is not much detail yet on what she will be like.

Undoubtedly there will be treasure chests full of gold coming to these actors and filmmakers though! In fact maybe they should ask to be paid in gold if the economy doesn’t keep improving.

Enjoy the fan-made tribute/trailer for Pirates of the Caribbean.