The dimension cannon is a small yellow device used to travel between parallel worlds and later used as a teleport

Version 1: doomday

Version 2: journeys end/stolen earth

I think these should do 2 things

1. Parallel world travel 

    When pressed you will be teleported to a parrelel world which is exactly same as the original but biomes are switched and some blocks and entities look different

2. Short range teleport

   This could have 2 options, 1. Teleport where you are looking at and 2. Teleport to a nearby player who has a dimension cannon of there own

In the show these had a 30 minute cool down timer, IMO this should be shorten if it were added, 5-10 mins maybe? 

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I support this suggestion.

Any ideas on how it can be obtained?

Crafting probably. like an enderpearl in the muddle 3 yellow plastic blocks on top and iron blocks in the rest of the spaces

 or you it could be a rare Drop from the Cybermen ?? - Love this idea 

maybe could be an endgame item, this seems to OP

 it is not too Op dude - it shends you to a different dimension like the Tardis and the Vortex manipulator and it allows the player to teleport to another player that has one

at as guess as long as they are not in their Tardis cause then it would be too Op