Universal Pictures is moving forward on a FAST AND FURIOUS 5, VARIETY reports. The studio is close to locking down agreements with Vin Diesel, Paul Walker, director Justin Lin and producer Neal Moritz.

The fourth installment was the highest moneymaker of the series, earning over $350 million globally.

Known as FAST FIVE, the story will be written by Chris Morgan. Dom (Diesel) and Brian (Walker) will be on the run from police.

Universal hopes to start production later in the year with an eye on a 2011 release.

Studio's Jeff Kirschenbaum and Franklin Leonard are shepherding.