While attending the INTV Conference (Innovative TV Conference) in Jerusalem, Fox TV Group Chairman Gary Newman named Buffy the Vampire Slayer as a property the network is keenly interested in reviving. It's interesting that Newman chose the word "revival" as the discussion was focused on reboots. However, regardless of whether Fox is angling for a reboot or revival, the network won't proceed without Joss Whedon's involvement.
Newman stated:
"I think if you look in our library, ‘Buffy’ is probably the most ripe show we have for bringing back. It’s something we talk about frequently, and Joss Whedon is really one of the greatest creators we ever worked with. When Joss decides it’s time, we’ll do it. And until Joss decides it’s time, it won’t happen. […] Most times when we brought things back, it started with the creator coming into us and saying I’ve got another story I want to tell. It seems to me that if there isn’t a real sense of nostalgia, a passionate fan base demonstrating they still want it then I don’t really buy bringing these shows back.”
Speaking of Whedon, he might be free at the moment. After two successful Avengers films, the box office blunder of Justice League, an embarrassing divorce scandal reportedly factored into Warner Bros. decision to remove Whedon as director of their Batgirl film. Whedon is said to be currently developing a World War II horror film but the current status of that project is anyone's guess. Perhaps a Buffy revival is exactly what Whedon needs to change the current trajectory of his career?