A collective “Holy shit” is appropriate for the latest news regarding Ridley Scott’s upcoming Alien prequel. Visual FX designer Henry South recently tweeted the following:

Started work on alien prequel today!! Absolutely stunning. Worth waiting till late 2011 for peeps!

South has worked on the CG models for blockbuster films such as Joe Johnston’s The Wolfman and the upcoming Pirates of the Caribbean: On Stranger Tides. Recently he collaborated with Scott on last summer’s Robin Hood, so it’s safe to assume we can trust him as a reliable source. While rumors regarding the planned two-part continuation of the popular sci-fi/horror series have circulated the net for what feels like eons now, this is the first bit of news we’ve had in terms of any actual production on the films. Hit the jump for more.

The Alien series has seen its fair share of ups and downs, culminating in 2007’s horrific AVPR: Aliens vs. Predator – Requiem. Scott has long wanted to direct a follow-up to his classic sci-fi shocker, stating his intentions to base a film around the mysterious Space Jockey that figured prominently in the original Alien (which Damon Lindelof’s screenplay is said to be about).

Such an undertaking is ultimately a risky venture, especially considering the now-classic status of both Scott’s film and James Cameron’s equally spectacular follow-up, Aliens. However, since the series has essentially been dragged through the dirt like a stray dog with the likes of Alien: Resurrection and those terrible AVP flicks (Alien 3 gets a break for at least being watchable), why shouldn’t Scott come back to the franchise that more or less made him a household name? If anyone can pull it off, it’d be him.

Scott has confirmed that the prequels will indeed be shot in 3D, and that 20th Century Fox is aiming for a PG-13 rating. No word yet on who will star, though Noomi Rapace (The Girl with the Dragon Tatoo) is currently rumored to be the front runner.

With production now underway, it’s only a matter of time before the big, bad beasties are back on the screen in the way Scott meant for us to see them.