Morphing technology is increasingly emerging as a novel and alternative approach for performing the controlled re-entry and precise landing of space vehicles by using adaptive aeroshell structure designs. This work is intended as a preliminary conceptual design of an innovative shape-changing mechanism for the controlled re-entry and safe recovery of CubeSat class systems aimed at recovering payloads and data from LEO at low cost for post flight inspections and experimentations. Such an adaptive and mechanically deployable aeroshell consists of a multi-hinge assembly based on a set of finger-like articulations having two-modal capabilities. The deployable surface can be modulated by a single translational actuator in order to adapt the lift-to-drag ratio for guided entry. Furthermore, once deployed, the system can activate eight small movable aerodynamic flaps that can be individually morphed via an SMA-based actuation to enhance the capsule maneuverability during the re-entry trajectory, by using exclusively aerodynamic forces to guarantee additional precision in landing. Multi-body simulations on retraction/deployment of the system are addressed to investigate the most critical aspects for actual implementation of the concept. Additionally, the morphing behavior and the control effect of the shape memory alloy actuation are preliminary assessed through parametric analysis. This paper is framed within a scientific cooperation between Italy and Brazil in the framework of the SPLASH project, funded in part for the Italian side by a grant from the Italian Ministry of Foreign Affairs and International Cooperation (MAECI), and by CONFAP through the involved State Funding Agencies (FAPs) for the Brazilian side.