Sadly, that's not the case. If it does get filmed, and does get released, even if it bombs, its still Fox' for another 7 years. Fox still isn't going to give it back unless Marvel pays for it.
And I think that there is the sole reason why Fox is doing this film. It's not that they care or even think UFF is an interesting new take on the franchise that will get people in theaters. It's that a few years back, Marvel came knocking trying to work something out to get some of their characters back, then they went off and had some majors successes with their properties and Fox realized that they could not allow any of their properties to lapse back to Marvel lest they watch Marvel make a far superior and successful product. I feel like Fox is just spinning its wheels and is hoping something catches on (I feel like them running back to Singer for X-men was a desperate attempt to cash in on the original films' success) instead of actually building an interesting franchise.