While that particular project never materialized, Phantasm 5 finally did come to pass, in the form of Phantasm: Ravager.
Phantasm: Ravager hits screens on October 7, 2016.
The newly dubbed Phantasm: Remastered will screen in theaters on September 24th.
In addition to Ravager, Texas-based distributor Well Go USA Entertainment has also acquired the rights to the rest of the Phantasm franchise, including a recent Coscarelli-supervised restored version of the original film.