But as of now, few things are known about the movie that is Targeted for release in 2015. According to a press release from Disney, "Episode 7" will kickoff a planned trilogy of live-action "Star Wars" films, to be released "every two to three years."
It’s also known that whatever the plot of "Episode 7," George Lucas won't have a heavy hand in the day-to-day creation of it. While he has reportedly written treatments for the films, he will not act as a producer or director for any of the films.
In terms of a plotline, die hard “Star Wars” fans have been buzzing with predicitions that "Episode 7" will follow the Thrawn Trilogy, a book series by author Timothy Zahn.
Fans who know the trilogy well say that a big-screen adaptation of the first book, "Heir to the Empire," would make the most logical "Episode 7."
“Of all the speculation out there about the content of this new trilogy, that's the single most concrete idea," Eric Geller of the fan site TheForce.net, told E! Online. "It's almost inevitable that the story will take place in the same time frame as those books."
But despite similarities in time the time frame, the E! channel’s Leslie Gornstein cites direct sources from LucasFilm and other close to the project who say the books are definitely not the basis for Episode 7.
"It's an original story," a LucasFilm source told Gornstein.
The E! News reporter and “Star Wars” insider also reports that no director has even been scouted for the new project.
But with all of that being said, another sure thing is that Disney will want to tread softly with their newfound project.
"There's still a lot of rumbling discontent with the last three 'Star Wars' films and the way the franchise (has gone) over the last five/six years in particular," Den of Geek editor Simon Brew told CNN Entertainment. "It's been pillaged to an extent."
Insiders point out criticism directed at Lucas for reasons pertaining to the “Star Wars” creator focusing on the business side more than the creative side in the last two or three movies. The end result has seen lackluster reviews of the few projects.
Interestingly enough "taking (the impending films) away from his control and cutting them fresh would be the more positive way forward. ... It got to the point where (Lucas) held 'Star Wars' back. ... There are so many new, interesting voices in science fiction," Brew said.
Critics and Insiders are now looking at whether Disney will be able to do with Lucasfilm what they've done with Pixar and Marvel, which earned more than $1 billion at the box office with this year's "The Avengers." But many fans seem to agree that new screenwriters and a new director alone could aid the "Star Wars" universe.