Sonnet Realm Films had recruited the actress - who has not taken on a film role since she appeared in James Cameron's 1986 sequel Aliens - to star in Alien Identity.
The film would have focused on life 14 years after the events of Aliens, with an alternate timeline.
Adam Sonnet, writer and director of the proposed film, said: "When we decided to make this Alien tribute film we anticipated from the beginning that this could happen. We were hoping that since Fox allowed other fan films in the Alien/Predator universes to be made that they would allow us to do so likewise.
"Although we wanted to make a tribute film spin off in the Alien universe reuniting original cast members to play new roles, we understand that this is Fox's intellectual property