Ready to take big project into his hands, Mike Mitchell is engaged in talks to helm "Shrek 4" which DreamWorks Animation is keen to develop in its follow-up to "Shrek the Third" that will open in theaters on May 18 this year.

The fourth installment of the mega-hit toon franchise, the flick will still chronicle the continuing adventures of the titular character, a peace-loving ogre, and his friends. Script initially was penned by Tim Sullivan before getting a rewrite by Josh Klausner, known as a second-unit director for a number of the Farrelly brothers flicks.

Plot details, however, are being kept under wraps, but original voice cast like Cameron Diaz, Julie Andrews, and Rupert Everett have expressed their willingness to return to the series once again. Meanwhile, DreamWorks Animation's Jeffrey Katzenberg, Bill Damaschke, Kristine Belson and Chris Kuser will all oversee for the studio.

In related news, "Shrek" spin-off "Puss in Boots" has been confirmed by Producer Aron Warner to already be in a stage of development though he does not know "where it is in the process." Pic, however, is said to get made when "Shrek 4" goes into full development.