I've heard about it too, but not sure how far away it would be.

As George Lucas is the producer, he would have a big part in it, but he has to work on Star Wars Episode III for the next 2 years, but after that, he would probably be ready to do it. After Episode III is released, and the DVD is released 6 months later, the original trilogy will probably be released on DVD too.

I think the Indiana Jones movies are due for a DVD release too.