Shia Labeouf may well be playing the son of Indy in Indiana Jones IV, well he probably was until the news was plastered all over the Internet and his negotiations have fallen through!

The story goes that during an interview he revealed that he was in negotiations for Steven Spielberg's next film, and it wasn't Lincoln, which meant one thing. Latino Review did the interview and posted the story right after. Within minutes of it being online they were asked to remove it, and now that the rumour is spreading around the Internet the story has returned. That's rather interesting since they had to remove it or they were going to lose a major contact:

Either you take down the story or we won't be working with you anymore.

So the very fact the story is back suggests that the deal might be done and that they can talk about it again. Here's what Labeouf had to say in the original interview through Obsessed With Film:

"I'm trying to work something out to be in the next Steven Spielberg movie...

...When I pressed him if it was Lincoln, Shia laughed it off. He just gave me a look saying "NO WAY!" Then when I asked him point blank if it was Indy IV. He put on a devilish smile and said "I'm trying to work it out. I don't want to loose the role to another actor so I really can't say much but it will be announced very soon."

So putting it all together you could say that Labeouf is going to be in the new Indiana Jones film. Now there are two concerns here, one that it takes away from the heart of the Indy stories and concentrates too much on the family, and two that it is there to create a franchise - the young Indy films. Either way I don't see how adding another Indy family member either as his son or as a young Indy is going to do anything positive to the story, do you?