That Hook is Steven Spielberg's worst movie is unquestionable. You may like other Spielberg movies less or you may, God help you, even like Hook, but it is an objectively rotten film*. So the idea of a Hook prequel movie feels more than a little weird.
Dante Basco, who played ultra-irritating Lost Boy Rufio in Hook, thinks that such a movie is happening. And that it's a Rufio origin story.
Actually there’s a film in development, the Rufio film, where a hotshot group of kids from the East Coast graduated and they wrote this whole script, the prequel to Hook and it’s the Rufio story. We have it right now with a director, Rpin Suwannath who’s doing the new Zorro for Fox. He has the script and he’s attached to the film and I’m attached to produce so that’s actually in development right now which’ll be cool, a Rufio for a whole new generation.
[T]he storyline is crazy actually. These guys have a whole storyline of how he gets the Mohawk. The whole story’s crazy. These guys came with the script, I’m like, “You guys wrote this?” Not only did they write this, they did the musical in their college. They were going to go off Broadway with it and then they lost their insurance and they came to Hollywood. If anyone saw their play it’s that, but the newer version is pretty intense. They added more action. I never saw the play but I think they added more backstory to Rufio, like how he became Rufio which I was impressed by. It’s in development .
But it's not in development at Sony, who owns Hook and all the characters therein (Rufio isn't from the original story), so it's pretty much moot. Who knows, though - this is a crazy town, and somebody will do a marketing survey that says a huge group of 90s kids have zero taste and would rush out to see a Hook prequel opening weekend.
* Seriously, if you're going to come to the comments and start in with your nostalgia and how much you loved the movie when you were six, save yourself the trouble. Nobody cares what you liked when you were six. Nobody cares about the tastes of six year olds.