The veteran filmmaker, who directed the 1979 sci-fi classic, is attached to steer the franchise's latest incarnation from a script by Jon Spaihts.
Commercials director Carl Rinsch had initially been lined up to make the film, but Fox allegedly refused to move forward with the project unless Scott returned to the helm.
Taking place before the events of the first movie, the new Alien will centre on a space vessel that intercepts a distress call, only to discover that the signal comes from an empty ship and is intended to warn them.
Screenwriter Spaihts came to Fox's attention after writing Passengers for Keanu Reeves. The project, which tells of a passenger on a spaceship who is prematurely awoken from a cryogenic sleep, bears similarities to the first Alien.