Disney has reportedly offered Johnny Depp a whopping $301 million (R4.8 billion) deal for him to return as the character of Jack Sparrow in the Pirates of the Caribbean franchise and a Disney+ series.

According to an industry insider, the company will offer the 59-year-old actor a formal apology.

“Disney are very interested in patching up their relationship with Johnny Depp. They reached out to the actor before his defamation trial against Amber Heard and asked whether he would be interested in returning for another pirate film or two,” said the source.

“I know corporate sent him a gift basket with a heartfelt letter, but I’m unsure how it was received.

“But I can tell you that the studio has already penned up a draft for a film about Jack Sparrow – so they are very hopeful that Johnny will forgive them and return as his iconic character.”

During the defamation trial, ex-wife Amber’s attorney, Elaine Bredehoft, asked, “Is Disney aware that Mr Depp has testified under oath that he would not take another pirate of the Caribbean franchise role for $300 million and a million alpacas?”

The $301m deal will apparently include a sizeable donation to a charity of Depp’s choice.

Depp would appear in Pirates of the Caribbean 6 and a spin-off Disney+ series about the early life of the Captain of The Black Pearl.