The troubled star has put his health before his career in recent months, following his separation from wife Courteney Cox last year (10), and checked into rehab in January (11) to conquer an alcohol addiction.
His personal problems forced him to quit as creative director of Hollywood vaudeville show Beacher's Madhouse earlier this year (11), but Arquette is now ready to return to the spotlight.
And, after he completed promotional commitments for the fourth Scream movie, in which he stars, he'll step behind the camera to direct psychological thriller Glutton.
Producer Stan Spry says, "David is the perfect person to direct Glutton. He brings invaluable assets to the project, including his visual style, creative flair and ability to relate to the cast."
Arquette, who previously directed horror film The Tripper and various TV shows, will also executive produce the project through his company Coquette Productions, reports trade paper Daily Variety.
Work on Glutton is expected to begin in Canada in July (11).