"Pirates of the Caribbean 5" is officially happening. According to Cinemablend, the fifth franchise installment will be released on July 7, 2017.

Initially believed to be released in 2016, Disney is pushing back the release date, which ScreenRant believes to be due to the need for more preparation and budget trimming following the major flop of "Lone Ranger."

Additionally, due to the length of time it took to get "Pirates 5" underway, lead actor Johnny Depp has since lined up other projects including gangster-story "Black Mass," which is currently in production and the Disney sequel, "Alice in Wonderland 2."

Now that a timeline has been set, Mail Online reports that casting is well underway. Disney is said to be "searching for people of all ages- and all experience levels- to apply for roles in the upcoming film."

Subtitled, "Dead Men Tell No Tales," the film is set to be filmed in Queensland, Australia after the Government of the land Down Under agreed to a $20.2 million tax incentive.

The film, being produced by Jerry Bruckheimer and directed by Joachim Ronning and Espen Sandberg, will begin pre-production this month with principal photography targeted to begin by February, reported Variety.

"The Australian government is delighted to have secured the high profile fifth installment in the 'Pirates of the Caribbean' franchise to film in Australia with a contribution of A$21.6 million ($18.8 million). This is a landmark deal with Walt Disney Studios," quoted the publication of Australia's Attorney General and Minister for the Arts George Brandis.

The amount was initially earmarked for Disney's "20,000 Leagues Under the Sea," but following the departure of director David Fincher, Disney worked on transferring the incentives to another film, that being "Pirates."

In a deal that is set to bring in about $87.1 million to Queensland and create local jobs for residents, Queensland Minister for the Arts, Ian Walker, said, via Variety: "I am particularly delighted to have been able to approve this proposal, which will be Australia's largest ever contribution to the financing of a major film."

Filming is set to take place at the Village Roadshow Studios on the Gold Coast, the main location for the franchise

Johnny Depp is set to reprise his role as Captain Jack Sparrow, alongside Geoffrey Rush, who will continue to act as (Hector) Barbossa, said ScreenRant.

The franchise has been one of the strongest in history and continues to have a strong following. Stay tuned to learn more about "Pirates of the Caribbean 5."