Courteney Cox-Arquette is coming back for Scream 4, and she recently spoke with Associated Press, and while she is indeed signed on, it doesn't seem that the script is ready yet.

"They're probably back living in Woodsboro," Cox said referring to the small California town that was the setting of the first film. "I think that he's probably still deputy, and I've had a lot of kids. I don't know. I'm probably miserable, and then I'm sure a lot of murdering will happen."
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Original Scream writer Kevin Williamson is back on board, but after Cox-Arquette's comments, it's not clear how the film is coming along. We'll keep you posted on any new details on the film as soon as they arise.