Users have been posting their personal predictions, so why not have the lead admin (me) provide their two cents?? I made a smaller reply containing condensed versions of five of my predictions. This is a more elaborate post, which will feature almost all of the things I want talk about.

1 - It will look like Puss in Boots: The Last Wish and The Wild Robot. Regardless of how you feel personally about the art style, you can't deny that both of those movies earned DreamWorks a TON of newfound acclaim and respect. And, at least after Kung Fu Panda 4, it seems like DreamWorks is going to prioritize the painterly/illustrated look for their films. It would be a huge waste to go back to Shrek's original art direction after The Last Wish completely brought the universe into a new life. If DreamWorks wants Shrek 5 to be a big event film, or at the very least earn critical acclaim, they are going to stick with the new art style.

2 - Arthur Pendragon (now King Arthur) will return in some capacity. I doubt that he'll be a main character like in Shrek the Third however. I believe he'll be back largely due to his actor, Justin Timberlake, being one of the stars of the Trolls franchise. Walt Dorhn, who is directing Shrek 5, directed the entire trilogy, so another collaboration between him and Timberlake would make a lot of sense.

3 - I've replied to other posts wanting to see classic Disney villains as the main antagonist. I stated that this would be impossible because Disney specific characters are heavily secured by copyright (even parody laws keep them locked). This is why characters like the Ethical Bug are referred to by alternate names, and why there are only Disney-inspired visuals as opposed to direct involvements of characters by name (i.e. The Fairies from Sleeping Beauty, Mickey's Sorcerer Hat, etc.). However, this doesn't mean that we'll see the Disney slams the Shrek series is known for. I expect there to be some intense thrashings towards the Mouse, especially with everything surrounding the company and its practices. And if they are going to honor elements of the Shrek franchise, I can almost guarantee that the critiques towards Disney are going to make a fantastic comeback.

4 - There is a lot of talk regarding who the main villain is going to be, and the most favored idea is the return of the Pied Piper. Despite being seen as "good" at the end of Shrek Forever After, he could still be at least a morally ambiguous (or secretly malicious) antagonist. With Shrek's kids most likely going to play a bigger role, the character could fit in with a new storyline where he could possibly kidnap the kids or lure them to the dark side. Peter Pan could also serve this role, and could be an excuse to properly expand the world building similar to what The Last Wish did. I know it's not the most exciting prediction, but it's definitely the most realistic. Now in terms of proper returning villains, that's a different story.

5 - Lord Farquaad is the only villain who has a strong chance of returning. He is easily the most popular and marketable of the Shrek villains, and best of all, he has been established to have returned as a ghost on multiple occasions (in the 4-D film and Dark Horse comics). This may not be considered canon, but in order to meet the demands for more Farquaad (even his actor, John Lithgow, wants to play him again in a new movie), there might not be another option but to make it official. This would also mean that Death from The Last Wish would have to be involved somehow- since there has to be an explanation as to why ghosts can roam around freely with Death also existing, let alone how some dead characters can come back. Fairy Godmother is another potential candidate, but it doesn't seem likely due to how she isn't on as much merchandise or is recognizable as Farquaad. Same goes for Prince Charming and Rumpelstiltskin, both of whom I'm predicting will not appear at all.

6 - Kitty Softpaws and Perrito will appear with Puss in Boots (of course as Team Friendship), and have a major roles. This is another no brainer, as we spent so much time with these characters last time, and it would be perfect to see more of them. Not to mention the interactions will be a great treat for hardcore fans. I believe the reason why Antonio Banderas is not announced as part of the Shrek 5 cast as of now is because they're waiting to confirm the return of Salma Hayek and Harvey Guillen as their respective characters. It will be a big reveal and get fans of The Last Wish interested in Shrek 5.

7 - The Ogre Triplets will most likely depicted as older kids (I think it would be a stretch to see them as adults), maybe young teens. Because they are going to have larger roles, new, young actors will portray them. I don't have ideas for who would play Fergus and Farkle, but Felicia is definitely easy to predict potential voices for. As cynical as it sounds, they are going to find easily recognizable actresses or singers for the role. More specifically, talents who are popular in the 2020's. My candidates are Sabrina Carpenter (who is mega popular at the moment), Emma Myers (best known for her role as Enid Sinclair in Tim Burton's Wednesday), and my personal pick, Sadie Sink (who had an incredible performance in the drama film The Whale). Sink can provide both spunk and genuine character into Felicia, especially when considering her range in Stranger Things and The Whale.

8 - According to producer, Chris Meledandri, the Super Mario Bros. Movie is the biggest source of inspiration for how Shrek 5 will be handled. That was one of his previous works, and was met with incredible results. Obviously, with another huge responsibility with something meant for true fans, he would want to apply a lot of what made Mario work into a new Shrek project. This means celebrating a lot of the themes established by the previous installments while having clever callbacks that aren't too overwhelming for new fans. Puss in Boots: The Last Wish arguably did this approach, bringing back the adult edge of the first Shrek film and pushing the envelope for animated storytelling. Shrek 5 will at least attempt to continue this streak, although we'll have to see for ourselves how this will play out.

9 - A sort of continuation of the last prediction, some deep cuts are going to be implemented in Shrek 5. Obscure characters such as Monsieur Hood, Thelonious, the Headless Horseman, and maybe the ogres from the resistance in Shrek Forever After are likely contenders for cameos. Perhaps the biggest one is a reference to the original Chris Farley Shrek, likely as a tribute to what could've been.

10 - One of the biggest ones here. Shrek's parents will be shown for the first time in the movies. This will either be an antagonist role, or a simple flashback for added exposition. Whatever is the outcome, these characters will appear in some capacity, since they have been the biggest mystery in the Shrek series thus far.

11 - More of a personal wish-list, but since Puss in Boots: The Last Wish featured a ton of unique and familiar fairy tale/mythology references, I'd love to see some more artifacts show up in small doses. My top picks are The Tortoise and the Hare, 20,000 Leagues Under the Sea, Persephone and Hades, The Wizard of Oz, and maybe another non-public domain story (since they got away with a Mary Poppins reference in The Last Wish). Preferably Charlie and the Chocolate Factory lol.

In summary...

• We're getting The Last Wish's art direction

• Arthur Pendragon will return

• Disney slams are back, but no Disney characters

• The Pied Piper might be the new villain

• Lord Farquaad and Death are the only pre-established villains likely to return

• They're waiting to reveal Antonio Banderas since he'll be joined by Salma Hayek and Harvey Guillen

• The Ogre Triplets will get new, young actors with Sadie Sink possibly voicing Felicia

• Anyone who's seen the Super Mario Bros. Movie knows what to expect for Shrek 5

• Obscure characters and deep cuts will be present

• Shrek's parents will appear in some capacity

• More fairy tale references!!