From The HollywoodReporter:
Sources indicate that George Lucas is set on rereleasing the “Star Wars” franchise in new 3D conversions beginning in 2012. Although 3D versions have been rumored for some time, Lucas purportedly was waiting until there were enough screens available to make the release a sizable event.
Fox, which released all six original “Star Wars” films, also would release the 3D versions.
Episode I, “The Phantom Menace,” would be first out of star-dock during early 2012. After that, each film would be released in order at the same time in consecutive years, depending on how well the first rerelease does.
Each conversion takes at least a year to complete, with Lucas overseeing the process to make sure each is as perfect as possible. He has said that the “Avatar” experience convinced him that “Star Wars” is ready for the state-of-the-art 3D treatment.
Starting with “Phantom Menace,” Lucasfilm would use several higher-end conversion houses to work on the project. By late winter or early spring in 2012, the exhibition industry should have all the 3D screens anyone could want for such a release.
And below you can see Lucas actually working on the conversion at the Skywalker Ranch: