Alien: Covenant 2, the sequel to this past summer's Prometheus sequel, potentially titled Alien: Awakening will NOT be focused heavily on the Alien Xenomorph and will instead focus more so on the A.I. David according to director Ridley Scott.
During a podcast interview with Empire, Scott explained that the evolution of the Xenomorph itself is "nearly over", circling back to comments he made back when Prometheus 2 was in early development that "the beast is cooked" and following Covenant'sfan response, that statement seems to have never been more true. He goes on to say that Covenant was meant to transcend the franchise into a new story direction - focusing on David, artificial intelligence and what world he would create if given the opportunity to reign without limitations.
"I think the evolution of the Alien himself is nearly over, but what I was trying to do was transcend and move to another story, which would be taken over by A.I.’s. The world that the AI might create as a leader if he finds himself on a new planet. We have actually quite a big layout for the next one.
So, it would seem Alien: Covenant 2 will see what becomes of the hybernating crew of the Covenant and what David gets himself up to when they arrive on Origae-6. It's sounding more and more like David will build himself somewhat of an empire of Xenomorphs on the vacant planet.
Having chosen not to "serve in Heaven", we will undoubtedly get to see what it's like to "reign in Hell".
Additional comments made by Scott also referenced the return of the Engineer race and mentioned that their species is far from extinct - adding further that they will discover what transpired on Paradise and most likely pursue revenge against David.