Update: Hold on to your bullwhips. According to source speaking to Movieline, the rumors are false. The LucasFilm gravy train has not pulled into Indiana Jones Station. Yet.
It ain't true until George Lucas descends from Mount Lucasfilm himself, carried by an army of Ewoks, but Blue Sky Disney (via Bleeding Cool) are reporting that LucasFilm are planning to convert the 'Indiana Jones' films for a theatrical re-release beginning in 2012.
If the news sounds familiar, that's because just last month, it was announced that the "Star Wars" films would be getting the same treatment, and given that Lucas has no problem returning repeatedly to the same well to milk more cash from a gullible fanbase who have no problem forking over their hard earned money for increasingly diminished returns, this news sort of makes sense.
"Indiana Jones & The Raiders Of The Lost Ark" will be the first film to get needlessly converted and will apparently hit theaters in 2012. An official announcement is reportedly going to happen next month so we'll have to wait to find out if this rumor has some heat behind it.