At the above link Cinescape reports that a new Phantom movie may be coming along in the future. The last one came out in 1996. I was 14 when I saw it; I remember getting a free “got milk?” poster with the Phantom posing with a milk moustache… it was great. Anyway, I remember enjoying the movie then, though it’s been so long since I’ve seen it that I don’t remember a lot of details.
If there is to be yet another, it sounds like it would most likely be more of a “remake” than a sequel. “A remake after only 7 years?” is probably what you’re thinking, but the new one will probably take place in the present rather than the 1920’s as the first one did. This is feasible, seeing as how the Phantom himself is really just an identity passed from generation to generation of folk.
There isn’t anything official about it yet, so far it’s really just a rumor.