He sounds somewhat equivocal, but Wes Craven hasn't ruled out being involved with writer Kevin Williamson's projected new Scream trilogy. He also confirmed recent rumours that Courtney Cox and David Arquette are already onboard.
Speaking to Digital Spy about the Last House on the Left remake, Craven clarified his position on reviving Ghostface: "I'm not closed to it, I'm not open to it, I'll be perfectly happy to read a script and tell [producer Bob Weinstein] what I think."
Craven also suggests that the new films will not feature original Scream-queen Neve Campbell, and that apart from Mr and Mrs Arquette, the rest of the cast will be entirely new.
The director hasn't been averse to remakes and relaunches so far. He was happy enough to oversee Last House, The Hills Have Eyes and its sequel, although he's not entirely pleased about the upcoming new Elm Street (possibly simply because he isn't involved). His main fear about continuing the Scream series seems to be that they'll jump the shark. Surely after Scream 3 it's far too late to be worrying about that...