Rumor has it that game featuring the world's coolest archaeologist, Indiana Jones, won’t be released after all. IGN reports, according to "multiple sources," some within LucasArts, that the big budget Indiana Jones game that's been in development for years has been canceled.

Moreover the site writes that the team has already been reallocated to other projects. Last night IGN reported that a number of well-placed sources had revealed that the 360 and PS3 Indiana Jones game had been canned.

"LucasArts remains absolutely committed to the Indiana Jones franchise. While we are aware that fans have been eagerly awaiting additional information on the upcoming game, they can rest assured that details are forthcoming," a rep told Joystiq.

The game was officially unveiled with an impressive trailer at E3 2006, but we've heard next to nothing about the game since then. After that we heard about the Indiana Jones game back in March when Vanity Fair mentioned it would use the same engine as The Force Unleashed. And the last one was heard last September, when rumor suggested that a brand new trailer was being readied, although it failed to materialize.

In spite of it all, French site LiveWii is claiming to have got its hands on part of Activision's release schedule for 2009. The publisher, which handles distribution for LucasArts on this side of the pond, is reportedly planning to launch Indiana Jones and the Sceptre of the Kings for Wii in June. So no certain verdicts have been given yet and there’s still hope as the company didn’t react in any way.