The possibility of a reboot had been around for some time, but it gained some serious steam recently when it was announced Rodriguez would be shepherding the project for Fox. While details on a storyline remain sketchy, it is known Rodriguez had developed a story in the past that was passed up as Fox then went on to release two Alien vs. Predator features.
Fox has already set a July 7, 2010 release date for the film and Bloody Disgusting has learned it will be a sequel, but they are unclear as to whether it is a sequel to the original Arnold Schwarzenegger film or the subsequent Danny Glover follow-up. Assumption would lead me to believe they will head back to the roots of the original overlooking the existence of Predator 2.
As for Litvak, his resume is rather limited with his largest footnote involving the recent New Regency purchase of a script he co-wrote with Michael Finch called Medieval, a film described as a hyper-realistic action movie set in the Middle Ages.