The deal between Anthem and AAA may see wrestlers from Lucha Underground appear on Impact … but The Sheet has learned they’re not allowed to portray their El Rey characters.

Sources with knowledge of the situation tell us El Rey officials are very happy with LU and optimistic about making another season of the show, once all the episodes they’ve filmed have been shown.

We’re told that because so many episodes have already been filmed, the network is way ahead of production and not in a rush to officially green-light the next season yet.

As for AAA’s new partnership with Impact, our sources say it’s possible for wrestlers from Lucha Underground to appear on Pop TV … as long as they don’t infringe on any of LU/El Rey’s intellectual property — which makes sense considering the company has been fighting Pentagon Jr and Fenix over the rights to their characters.

Ricochet aka Prince Puma tweeted about LU possibly allowing their talent to appear on Impact and said, “So they can randomly do IMPACT but I can’t do ROH?? Hummm???”