Whether or not this is true, it has to be the worst idea I've heard in a long time. Apparently Drew Barrymore has asked Steven Spielberg to oversee a new ET film.
No No No No No!
I doubt even ET could fix that ouch.
To be constructively critical, the magic that dazzled us in the first film is no longer impressive and it would take a killer script with some heavy emotion to make it seem like more than just a dash for cash. I'm sure there are opportunities for feel-good movies that involve original ideas rather than the desecration of our memories of a classic.