Film Flash: Peter Jackson to direct 'The Hobbit'

After months of vollying back and forth, a momentary hiring of Guillermo Del Toro and constant speculation, Warner Bros., MGM and New Line Cinema have (finally!) officially announced that The Lord of The Rings director Peter Jackson will helm The Hobbit. The Academy Award-winning director also co-wrote the script and will produce.

Production on the two film installments is set to begin in February 2011 and will be shot in 3D. Though, the exact location of Middle Earth has yet to be determined. CNN reports that labor issues with the New Zealand Actors' Equity and SAG might result in relocating production to another site (possibly Australia, one of many countries that has reached out to Jackson).

Now that a name has been attached to the director's chair, casting rumors have begun to spread across the blogosphere. Rings actors Ian McKellan and Andy Serkis are expected to reprise their roles as Gandalf and Gollum, respectively. The rumour most likely to be true is that U.K. actor Martin Freeman ("Hot Fuzz," "The Office" and BBC series "Sherlock") will play the young Bilbo Baggins. Offers have also been made to other British actors, including Jimmy Nesbitt ("Millions," "Bloody Sunday"), Michael Fassbender ("Jonah Hex," "X-Men: First Class") and David Tennant ("Doctor Who").

Jackson and his Rings cast were reunited in the current issue of Entertainment Weekly. To read more about the teary-eyed hellos, click here.

Sources:
EW: Peter Jackson to officially direct 'The Hobbit'
CNN: 'The Hobbit' to begin production in early 2011
MTV: 'The Hobbit' casting rumours