Prometheus is definitely getting a sequel, that much we know for sure, but the rest of the details are distinctly hazy, and that includes the title of the upcoming film.
Director Ridley Scott will be returning, with the intention being to eventually link these movies properly with his 1979 classic Alien. Recently the filmmaker mentioned the title of Alien: Paradise Lost as what he was working on next, something which directly connects both Prometheus and Alien. That still seems to be the plan, but a new title has been mentioned: Alien: Covenant.
This came up in conversation at the AFI Film Festival as reported by The Playlist. Scott was doing an extensive interview on his whole career with Scott Foundas and casually mentioned the new title in reference to how he came to work recent hit The Martian:
"I was going to be doing what will be called ‘Alien: Covenant,’ which starts shooting next February, and we were struggling then with the screenplay there and then there was a phone call, somebody saying, ‘Listen, we’ve got this thing which is completely written called ‘Martian,’ and I said, ‘Huh.’ And I sped read it in an hour and by mid-afternoon, I talked to Fox and said, 'I need to talk to ‘Drew [Goddard]…'"
It's always interesting to hear how these things come about, with Scott still churning out movies at a pretty furious rate for a 77 year old. So the Alien prequel and Prometheus sequel has a new title, and one that's a bit less... literary than the previous one of Paradise Lost. Of course there's no reason to assume that either of these will be the final title - especially considering the fact that neither actually includes the word 'Prometheus' which could be an issue for fans of that film.
The new movie is set for a mid 2017 release and will start shooting in February 2016, so hopefully we'll have more concrete information soon.