I just found out about this earlier in the afternoon while browsing the Yu-Gi-Oh! Wiki. What has before been only speculation has now been confirmed. The Eye of Timaeus is going to be made into a real card in the upcoming Dragons of Legend set. A picture of the card had been revealed, though it's pretty grainy.
So from what we can tell, the actual card is going to be a normal Spell card. It also seems that it can only be used with Dark Magician monsters. In other word, only with Dark Magician and Dark Magician Girl. This kind of makes sense considering that Yugi only used The Eye of Timaeus on those two monster (well, he used it on that moth Weevil summoned to his field too, but that didn't work out). Anyway, from what little I can tell, The Eye of Timaeus seems to work in a way similar the Spell, Mask Change and summons a certain Fusion monster using a single monster as material. Too early to tell how the real card will work with summoning Legendary Knight Timaeus though. But I'm sure we'll find out in April.
