The Hollywood legend says he has just finished work on it but details won't be out until next year.
It is believed it may be in celebration of the groundbreaking video's forthcoming 35th anniversary.
Landis directed, co-wrote and produced what is acclaimed as the greatest ever music video, which for the first time merged music and film, after Jackson was impressed by his work with special effects genius Rick Baker on horror comedy American Werewolf In London.
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The director, whose other blockbusters include The Blues Brothers, Trading Places, Beverly Hills Cop III and National Lampoon's Animal House, was a special guest speaker at Sheffield Hallam University promoting the eighth annual Celluloid Screams Horror Film Festival, which takes place at The Showroom Cinema, fron October 21 to 23.
360 PHOTO: Here's an amazing 360 degree photo taken of John Landis in conversation with Sheffield Hallam's principal lecturer for stage and screen, Martin Carter, inside the Pennine Theatre at Sheffield Hallam University - CLICK HERE.
In an exclusive chat with Graham Walker before his talk - watch the video here online - the 66-year-old revealed: "I can tell you something about Thriller that you are going to find out about in 2017. I just finished that and it's pretty spectacular.
"It's a surprise. It involves's Michael Jackson's Thriller.
"I'd tell you more but the Michael Jackson estate would kill me."
The 13-minute Thriller video helped the album to sell 65 million copies and itself sold nine million copies when it was release on VHS tape in 1983.
Landis paid tribute to South Yorkshire's own late great actor, Brian Glover - who also featured in his 1981 classic American Werewolf In London.
Barnsley man Glover played a joke telling character in the Slaughtered Lamb pub, set on the Yorkshire moors, but filmed in Wales.
Landis said: "Brian was wonderful. When I hired him he was known around the country as a milkman on a commercial and he was a wrestler. I watched this match where he was yelling at some guy and his accent was dead on. He was a good actor actually, really good and what he did for the movie he made it authentic. He was great, a delightful guy and he could tell a joke, I actually put a joke in there so he would tell the joke. He was funny."
Landis, who is still surprised to be called a master of horror ,said what really horrifies him is Republican US presidential candidate Donald Trump - who he hit out at during his talk, describing him as 'thoroughly reprehensible'.
"Donald Trump is horrifying. But I wasn't really scared until Brexit because it is very similar. It's like so stupid and self-destructive based on lies," Landis told the packed audience at Sheffield Hallam University's Pennine Theatre, in conversation with Sheffield Hallam's principal lecturer for stage and screen, Martin Carter."Trump is tapping into frustration and racism."
Celluloid Screams festival director Rob Nevitt persuaded the director to return to Sheffield for the talk after meeting Landis when he accompanied wife Deborah, 64, who was giving a lecture at Sheffield Hallam a few years ago. She is a film and theatre costume designer who works for UCLA.
Rob said: "We were very lucky to get him and it was a pleasure to have him here.
"Celluloid Screams is a full weekend of brand new and classic horror at the Showroom Cinema, celebrating the horror genre in the run up to Halloween."
* For more about Celluloid Scream visit celluloidscreams.co.uk and www.showroomworkstation.org.uk