We just got word via the webmaster of PhantasmCommunity.com that a new Phantasm project has already been “lensed and is nearly finished.” DustinM, a very reliable source on the franchise, hinted that an announcement about a new Phantasm “episode(s)” is on its way. He said the new project is not Phantasm V, but described it as something “big.”

Just know that something is around the corner, something is coming and that it’s big. Phantasm V, it ain’t, but it’s big.

He also noted that Reggie Bannister himself, hinted about a future Phantasm project at a Monster Mania convention earlier this year.

We all feel real good about 2009. Thirty year anniversary of the first picture. We sure would like to see some spheres flying around, that yellow shit flying fast and furious, and dwarves scittering and stuff like that. We’re going to do our best. So we’re trying to bring you some new stuff.

Not convinced? Then check out this exclusive picture of Bannister from the new “secret project” below. We will keep you updated.