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It's set before Alien, maybe not a direct prequel but as much a prequel as Rise of the planet of the apes is.
Alien was in 2122, Prometheus in 2093. It's the exact same ship design they find in Alien with an Engineer sitting in the pilot seat. Although they are not directly related, Prometheus does give a little bit more insight or back story about the Alien species.

Alien v Predator, that's a spin-off. This has a lot more in common with the rest of the Alien canon.