Speaking to MTV, the veteran director said that he expects the blockbuster to be renamed Robin Hood, reflecting a change in creative direction.
Previous incarnations of the script cast the Sheriff of Nottingham as the movie's protagonist, with the arrow-wielding outlaw as the villain - Russell Crowe was expected to take on both roles.
However, Scott has admitted that he is now taking a more traditional approach to the Robin Hood legend, with Crowe playing just the Sherwood Forest hero: "[Crowe in both roles] was an idea so far back, way back when at the time I had this proposed to me, and I read it and thought, 'I don't really know what it does for it, but it's alright'
"It is better to simply have the evolution of a character called Robin Hood, who will come out of a point in the Crusades which is the end."
Scott explained that the Sheriff's part in the movie has been drastically cut back: "The Sheriff of Nottingham is always a kind of an amusing character in most of the movies, who represents the hierarchy in the story at that point.
"The hierarchy and the wealthy always ruled over the underclass, and fundamentally that doesn't change, because Robin Hood is actually the person who finally - in terms of the overall classical idea of the film - will help the poor, probably taking from the rich."