According to the trade, Black is directing and writing the treatment for the film, which will then be scripted in full by Fred Dekker (with whom Black worked on Monster Squad).
Black has had a long history with the Predator franchise, having cameoed in the 1987 original. Directed by John McTiernan, Predator starred Arnold Schwarzenegger as the leader of a United States special forces team that comes under attack from an alien entity that prizes the thrill of the hunt above all else. It was followed by a direct sequel, Predator 2, in 1990 before crossing over with Fox's Alien franchise for two additional sequels, Alien vs. Predator and AvP: Requiem. In 2010, Nimrod Antal helmed a reboot with a new feature, Predators.
There's no word on the extent to which the new film will tie into the existing franchise, nor is there any confirmation as to when this reboot might fit into Black's schedule. He's planning to shoot The Nice Guys from his own original screenplay as early as this fall and remains attached to Columbia Pictures' Doc Savage. Check back for further details as they become available.
John Davis is attached to produce with Matt Reilly overseeing for Fox and Ira Napoliello overseeing for Davis Entertainment.