Yep, this is still happening and it now has a title according to Empire: McClane. I think it was last year I posted an article that it was going to be called John McClane but I guess two words were too much for people to remember.
“You can tell our intention by the fact that the title page we handed in says, ‘McCLANE’,” producer Lorenzo diBonaventura told Empire. “We want you to get invested in John McClane more than ever before.” He added that, despite rumours that the prequel section would take up more of the runtime, the sequel-prequel approach will feature Bruce Willis just as much as his younger incarnation. “I don’t know how you do Die Hard without Bruce,” he said. “The idea that he’s not very significant in this movie is not accurate at all. We are gonna explore John McClane in his twenties. But just as prominent is the 60-year-old version.”
Source: Empire