That is all Wesley Chan will say about his new project, which is causing him to step down as a general partner with Google Ventures. Any vague, buzzwordy description? “Stay tuned.” Are you doing this independently or within Google? “Stay tuned.”

My best guess is that Chan is being coy, and is working on something in the digital television or radio realm. But, again, I’ve only got two words to go on.

Here’s what we do know: Chan originally joined Google (GOOG) as an associate project manager in 2002, after stints at both Hewlett-Packard (HPQ) and Microsoft (MSFT). He is credited with helping found both Google Analytics and Google Voice, and would eventually receive a coveted Google Founders Award.

In late 2009 he joined Google Ventures, the company’s quasi-independent venture capital arm, as a general partner. He has led more than 40 investments, and was responsible for the firm’s seed-stage investing program.

With today’s move, Chan will transition into an entrepreneur-in-residence role at Google Ventures (which may, or may not, have already provided funding for Chan’s new venture). He is expected to step down from his two portfolio company board seats, with Andy Wheeler taking his spot at Transphorm (power modules) and Rich Miner joining the Crittercism (mobile app infrastructure) board. Partners Kevin Rose and MG Siegler will lead the seed investment program going forward.

“If you look at my time at Google, every four or five years or so I start something new,” Chan says. “That’s what I’m doing again.”

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