Mike Myers wants to begin working on it when he's done with his current film project.
Gisele Bundchen is being considered for the female lead. (Scroll down to or Search for "'Powers' play?".)
a mention of Austin Powers 4, still in stasis
I've read that Austin Powers 4 might not happen now because of the tragic death of Mini-Me actor Verne Troyer , still I think the 4th film should be made
I don't. The third was proof enough that the franchise was stale.