Ridley Scott has sealed a deal to direct Warner Bros.’ “I am Legend” and Arnold Schwarzenegger is said to be in the process of pounding out his contract on the project.

The deal would team the two for the first time and put them back into sci-fi fare, where both have found their biggest success. Scott directed “Alien” and “Blade Runner,” while Schwarzenegger starred in the blockbuster “Terminator” series and “Total Recall.”

Scott and Schwarzenegger had entered into talks about pairing up on the film last month (Daily Variety, June 5). The project will go before the cameras late in the year and will be produced by Neal Moritz and David Heyman with Scott and Scott Free Prods. president Chris Zarpas.

Schwarzenegger’s negotiations were put on hold until the actor returned from his overseas promotional stint on “Batman & Robin.” His deal is expected to close after the July 4th holiday.

“I am Legend,” which Mark Protosevich adapted for Warner Bros., is based on the Richard Matheson novel about Los Angeles after a biological war. The story centers on a bacterial holocaust’s last healthy survivor who battles against deranged mutants who shun the sun.

The project has been brought to the screen two times before, first in 1964 with Vincent Price starring in “The Last Man on Earth,” and then with Charlton Heston starring in “The Omega Man.”

Scott is repped by CAA’s John Ptak and Bryan Lourd. Schwarzenegger is repped by WMA’s Robert Stein and Michael Gruber.