The news was reported by the Daily Mail, who spoke with series screenwriter Stuart Beattie. The writer of Pirates of the Caribbean: The Curse of the Black Pearl supported the idea that Disney would not pursue another film with Depp in the lead.
"I think he's had a great run. Obviously, he's made that character his own and it's become the character he's most famous for now," Beattie told the Daily Mail. "And kids all over the world love him as that character so I think it's been great for him, it's been great for us, so I'm just very, very happy about it."
Depp has had a tumultuous time over the last few years, from his high-profile divorce with Amber Heard amid accusations of domestic violence, to reports of an alcohol addiction, to speculation about his health, and the most recent reports of financial problems and lawsuits with former business partners.
Beattie added that he thinks Jack Sparrow will be counted as one of Depp's most memorable roles, due to the films' success and how the character resonates with children.
"I think Jack Sparrow will be his legacy. It's the only character he's played five times, it's the character he dresses up in to visit children in hospitals, it's what he'll be remembered for," Beattie said.
Beattie confirmed reports that Disney was exploring a potential reboot of the franchise with the Deadpool screenwriters Rhett Reese and Paul Wernick working on a new script to revive the concept.
"Hopefully they'll bring a lot of the great comedic subversiveness," Beattie said. "I was laughing out of my seat in the opening credits of Deadpool so I am a big fan of those guys and I hope they do something really special."
Depp currently has a role as Grindlewald in the new Fantastic Beasts movie, which has caused many fans to criticize the franchise, Warner Bros., and series creator J.K. Rowling. Depp finally broke his silence on the fan reaction, decrying false allegations made against him.
"I'll be honest with you, I felt bad for J.K. having to field all these various feelings from people out there. I felt bad that she had to take that. But ultimately, there is real controversy. The fact remains I was falsely accused, which is why I'm suing the Sun newspaper for defamation for repeating false accusations," Depp said.
There's no word yet on Disney's plans for a new Pirates of the Caribbean movie, as the script is still being worked on.