It was inevitable.
Mike Myers had a small part in Quentin Tarantino's "Inglourious Basterds," and he's reprised his role as Shrek for both a sequel and a TV special in the last few years, but as far as live-action movies where he's the star, the last one was the disastrous "The Love Guru" in 2008, and the response to that nearly drove him out of the business.
Myers is a very particular talent, a guy who likes to workshop a character for a while before he actually makes a movie. He has not made that many films, all things considered, and a few times over the course of his career, he has actually pulled the plug on things that probably could have gotten made because he didn't feel they were ready. That happened most famously with "Sprockets," the feature-film version of one of his SNL characters. I liked the script he co-wrote with Mike McCullers, but Myers bowed out just before it was supposed to start, killing the film in the process.