I've heard about this on and off for years, thought it was just another project that would be mentioned then disappear.
Now it seems that Jon Spaihts, who wrote the first original draft of Prometheus, will be doing rewrites on the script.
Well, I must admit, I'm actually looking forwards to this. The original was an ambitious project, and wowed me when I was a kid, remaining one of my guilty pleasures today.
The Cygnus is an iconic design, unlike almost anything else out there - completely impractical for a spaceship, but damn, it looked cool!