The title of the new film, considered by both companies to be a reboot, is "Leprechaun: Origins." While the role has been played by Warwick Davis in all previous films, the role of the Leprechaun will now be played by the WWE's own Hornswoggle (Dylan Postl). He announced his involvement via twitter, stating that "in March 2013 I will be starring in Leprechaun: Origins by WWE Studios!!"
The information was released with what also appears to be an official promotional image.
No further news from Lion's Gate or WWE Studios, but by all accounts this appears to be true, and another Leprechaun film is on the way, one that is safe to say will offer a very different take on the franchise. And what will be yet another horror franchise to lose its original star.
Stay tuned as further news develops on this admittedly baffling project.