AceShowbiz -

George Lucas, the 62-year-old filmmaker said during a break from preparing for his duties as grand marshal of Monday's Rose Parade that he and Steven Spielberg have recently finalized the script for Indiana Jones 4 and it will begin filming next year.

Although exact film locations have not been decided yet, but Lucas said part of the film will be shot in Los Angeles. The fourth installment of Indiana Jones is scheduled to release in May 2008 with its famous character Indiana still played by Harrison Ford.

"It's going to be fantastic. It's going to be the best one yet," Lucas said. He also added that the latest action flick will be a "character piece" that will include "very interesting mysteries."

Indiana Jones saga was first brought to theater in 1981 and produced by Lucasfilm. The first installment "Raiders of the Lost Ark," was the biggest grossing film in 1981. The saga continued with 1984's "Temple of Doom" and 1989's "The Last Crusade" which all are directed by Steven Spielberg and scripts are written by George Lucas.

UPDATE 01/03/2007: According to The Hollywood Reporter, filming on the fourth installment of the franchise is slated to start in June using locations in the U.S and around the globe. Meanwhile, Spielberg has also concluded that the picture will be his next directorial effort though he actually has been developing other film projects.