The production on the Disney film is set to get under way in February 2015, the studio confirmed.
Depp is expected to reprise his role as Captain Jack Sparrow in the film.
The Australian government has approved USD 18.9 million in location-based incentives to the secure the shoot in the country which is separate from the incentives that it will receive from Queensland, said the Hollywood Reporter.
The film is being produced by Jerry Bruckheimer and directed by Kon-Tiki directors Joachim Ronning and Espen Sandberg.