Lucha Underground Season Three is in the midst of wrapping up and details are still few and far between on word of a Season Four.

This week Bryan Alvarez of F4WOnline.com is reporting that the brand has secured funding for a new season. However, it may come with some drawbacks in the form of huge production cuts.

According to Alvarez, “Although LU has secured funding, it’s being said that huge budget cuts will be needed in order to follow through with plans of recording another season. Many are concerned that the budget cuts will result in a lack of high production value, which many fans find to be Lucha Underground’s biggest appeal.”

This isn’t the first time the fate Lucha Underground has remained in limbo. During Season One network execs were concerned about the funding for Season Two. However, Season Two was ultimately green lit towards the end of Season One’s run.

Earlier this year Season Three went on mid-season hiatus with rumors and speculation abound that the brand was prepping for Season Four. Instead, the show began a festival touring circuit and some of its talent have appeared at Comic Conventions and wrestling fan shows.

We’ll be updating this story when LU gives the official word on its status.

Meanwhile, Ultima Lucha is currently underway and will air for the next two weeks on the El Rey Network on Wednesdays at 8 pm ET.

Episodes can also be purchased on iTunes and Seasons One and Two are available on Netflix and Amazon.

What do you think about this? Are you worried about the possibility of a delayed Season 4? What do you want to see moving forward? Sound off in the comments below.