"We are going to be doing 'Scream 4,'" Arquette told E! News. "Kevin Williamson is writing the script at this moment, and hopefully Wes Craven is going to direct."
Arquette played Sheriff's Deputy Dewey Riley and Cox portrayed tabloid television reporter Gale Weathers in the first three flicks.
"I fell in love with my wife on 'Scream,' so the opportunity to bring (Dewey) back to life and for my wife to play that really bitchy character again, it's just going to be really fun," Arquette said. "It's just great."
Although Williamson recently said Neve Campbell is opting not to reprise her role as Sidney Prescott from the other "Scream" movies in the fourth outing, Arquette remains optimistic.
"I hope Neve does it. I really hope so," the actor told E!