From Yahoo! News:

Everyone’s favorite shag-loving, brown-toothed swinging superspy is ready to work his mojo again. Yeah, baby! It’s Austin Powers 3!

Mike Myers has all but sealed a deal with New Line Cinema to return as Austin Powers (and his archnemesis, Dr. Evil) for a shagalicious sum, according to Daily Variety.

Myers will receive a whopping $25 “mee-llion” advance (yeah, baby!) against 21 percent of gross profits. For your math-impaired types, that means if the new movie does the boffo business of Austin Powers: The Spy Who Shagged Me, which took in $309 million worldwide, Myers would pocket around $65 million.

Crikey!

Myers’ fellow scribe Michael McCullers, who cowrote the first two Powers pics, is also set to return. Sources tell the Hollywood Reporter the duo has already developed an idea for the script they will write together. The storyline is being kept close to the (granny) vest.

Negotiations are ongoing with Jay Roach (Meet the Parents) to return for a third time as director. And James Bond refugees Sean Connery and Honor “Pussy Galore” Blackman have reportedly been approached by Myers to costar as Powers’ parents. However, there’s no word on whether Austin vets like Rob Lowe, Robert Wagner, Will Farrell or Verne “Mini-Me” Troyer will be back.

Though some may argue Myers’ phenomenal mojo is behind his biggest upfront payday, it is more likely those little receipts with big numbers on them that are responsible. In addition to the sequel’s huge take, the first installment, Austin Powers: International Man of Mystery, grossed $88 million worldwide at the box office and became a runaway smash on video, generating another $50 million.

The biggest mystery is exactly how Myers will work the film into his busy schedule. He’s also currently in talks to star in a remake of The Pink Panther for MGM and director Ivan Reitman, and he’s working on an original script for Universal Pictures as part of his settlement deal for backing out of Dieter.

According to reports, producers are targeting a fourth-quarter start for the new Austin in order to have it ready for a 2002 release.