"The writers, producers and I are working out what the story will be, but we haven't been talking in terms of part four and five," Raimi told MTV News. "I've read that [about Spider-Man 5] also, but right now we're just working on the story for Spider-Man 4, just that one film."
Raimi added: "We're definitely talking about working from all the material in the comic books and nothing [invented] outside of that. All the characters or villains or villains, whatever we decide to do will be from Stan Lee's creations or those that came after him."
Villians? "I do have a pretty good idea, but I'm just not a liberty to say yet," he said coyly.
Both Raimi and Kirsten Dunst have both expressed interest in her returning as Peter Parker's unattainable girlfriend Mary Jane Watson, the filmmaker says he's currently unsure of her participation status and he's not privy to those negotiations.
"I can't imagine making a 'Spider-Man' movie without Kirsten," Raimi said. "Of course it can be done, because Spider Man has existed without the character of Mary Jane but she's one of my favorite parts, and it would be a shame not to have her in the picture. I'm hoping she'll be in it and I'm planning on having a story with her in it."
Marvel announced last week that Spider-Man 4 will come out on May 6, 2011.