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Though there is very little concrete information about Ridley Scott's upcoming Alien film (including whether or not we'll ever actually get to see it), we do have some insight into the project. The Covenant sequel currently goes by the title Alien: Awakening, and is set to begin where Covenant left off after David put the survivors of the Origae-6 into cryosleep. After that, everything is pretty much speculative.
Scott and screenwriter John Logan developed the Awakening script while Covenant was in production. Further confirming this is an article from Empire that shared some details about the plot. Reportedly, the film would feature the Engineers hunting down David and his Xenomorph embryos as they all head to LV-426, the planet where the crew of the Notromo land and find the Xenomorph eggs at the beginning of the original Alien.
According Scott's chat with Fandango, Awakening would bring the series full circle. "There will be another one before we kind of literally and logically, clockwise, back into the rear back head of [the original] Alien," the director explained. Intriguingly, he then added, "It will go Prometheus, Awakening, Covenant." Whether that timeline represents a contradiction of Empire's plot summary — suggesting that Awakening will take place between Prometheus and Covenant — or was a simple slip of the tongue is hard to say.
Because Alien: Awakening is going to be a direct follow-up to Covenant, Michael Fassbender is inevitably going to have to reprise his role as David. Somehow, it appears that his character will be at least somewhat successful in bringing the Xenomorphs to LV-426 and getting rid of the Engineers, based on what we know from the beginning of Alien. Fortunately for Ridley Scott (and for fans), Fassbender has stated that he would be more than happy to continue with his role as David in future installments.
While promoting the X-Men movie Dark Phoenix in May of 2019, Fassbender was asked if he would be open to reprising his android character once more. "I'd love to," he replied. "I absolutely love working with Ridley [Scott], and it was a real sort of moment for me when I stepped on set in Prometheus and got to work with him. I love the character. It's a lot of fun. So yeah, I would definitely enjoy it."
Michael Fassbender isn't the only actor who has expressed interest in returning to the Alien series. Katherine Waterston, the lead actress in Alien: Covenant, is also eager to reprise her role as Daniels for Alien: Awakening. In an interview with the Playlist, Waterston said, "I would be absolutely game to do more if they wanted to have me."
Considering that Daniels is the last character to interact with David in Covenant and the short film "Advent" hints that she has a more significant role to play in his plan, it is almost certain that Waterston would be called back to reprise her role in Awakening if the film progresses past the writing stage.
However, despite Waterston's willingness to return to the Alien franchise, she has expressed that she is relatively in the dark regarding the film's status. According to Waterston, "I'm always usually the last person to know even what's going on in my own career. So, [I'm] probably not the best person to ask. But I did get some sense of where they thought they might like to take it when we were shooting Covenant, and it sounded really interesting."