The film will be budgeted at $87 million and will center on, "the Father/Son relationship, and what it means to be The Phantom," screenwriter Tim Boyle said in a statement. "The film will be set in the present day and will deal with the concept of destiny."
The original film starred Billy Zane as the title character, but it wasn't clear if he was returning for the sequel. It was said that the production is eyeing up several prominent American and Australian actors for the film, but they would not release names.
Filming should commence in Australia between the next six and nine months.
UPDATE: (9:15 AM, 12/16/08)
Screenwriter Tim Boyle has updated his MySpace page with some new information that this project is not a sequel, but a reboot of the original film. He gave a quick update on the film, which will be titled Phantom: Legacy, which you can read below.
First of all, I've got to say - this is a very exciting time. Being able to bring the first masked comic superhero back to the big screen is an absolute honor. I've been researching The Phantom intensely for the last year or so and I've been working with the support of King Features Syndicate to try and bring you the tightest possible film. Yes, this is a new look at the comic book hero, but rest assured - He wont be 'heavily gadget man' (as that is another comic book hero named Batman) and he wont be an 'angry mob killer' (as 'The Punisher' -Frank Castle has been made into a film 3 times - remember the Dolph Lundgren film - that too was shot in Australia... old skool). He will be, without doubt 'The Phantom'. A man who has sworn an oath to protect - but at what cost?
The Phantom was released June 7th, 1996 and stars Billy Zane, Kristy Swanson, Treat Williams, Catherine Zeta-Jones, James Remar, Cary-Hiroyuki Tagawa, Bill Smitrovich, Casey Siemaszko. The film is directed by Simon Wincer.