Studio Lionsgate, which had already announced a fourth movie, said it is aiming to shoot both films back-to-back next year.
John Wick: Chapter 3 – Parabellum arrived in May last year to critical acclaim.
It saw Reeves reprise his role as the titular assassin.
Lionsgate CEO Jon Feltheimer announced the fifth film on Thursday and said the studio is preparing the scripts, with the next instalment set to launch in cinemas in May 2022.
He added: “We hope to shoot both John Wick four and five back-to-back when Keanu becomes available early next year.”
The John Wick franchise began with the original film in 2014 and has become a critical and commercial success, with the three movies grossing more than £447 million at the global box office.
Reeves, 55, has been in Berlin while shooting The Matrix 4.
