I just read this today.
http://www.aintitcool.com/display.cgi?id=22405
An interview between James Cameron and Quint.
QUINT: I remember before Paul W.S. Anderson did ALIEN VS PREDATOR it came out that you kind of made an offer to do another ALIEN film with Ridley Scott...
JAMES CAMERON: Yeah. Ridley and I talked about doing another ALIEN film and I said to 20th Century Fox that I would develop a 5th ALIEN film. I started working on a story, I was working with another writer and Fox came back to me and said, "We've got this really good script for ALIEN VS PREDATOR and I got pretty upset. I said, "You do that you're going to kill the validity of the franchise in my mind." Because to me, that was FRANKENSTEIN MEETS WEREWOLF. It was Universal just taking their assets and starting to play them off against each other.
That is just sad, two GREAT filmmakers in Scott and Cameron who pitch their idea to make Alien 5. Then FOX screws that up and goes with AvP which IMO was horrible. I would love to see an Alien 5 be made but it looks like it will never happen now. 😠