The re-imagining of 1994's UFO: Enemy Unknown will be developed by acclaimed studio Firaxis Games, developer of Civilization IV and Alpha Centauri, according to Game Informer.
The game will see the sci-fi series return to its strategy roots following the announcement of first-person shooter reboot XCOM.
Players will command a global anti-alien defence force, where threats from outer-space must be identified and the population at large kept safe.
"It's been a dream of ours to recreate XCOM with our unique creative vision," said president of Fireaxis Games Steve Martin.
"We were careful to keep XCOM: Enemy Unknown true to the elements that made XCOM such a revered game while delivering an entirely new story and gameplay experience for both die-hard XCOM fans and newcomers to the franchise."
XCOM: Enemy Unknown will be released on Xbox 360, PlayStation 3 and PC at the end of the year.
Watch a trailer for the first-person XCOM reboot below: