The Hobbit and Guillermo del Toro

Finally, after weeks of speculation and will-they won’t-they talk, Guillermo del Toro has signed on to direct The Hobbit. Variety says del Toro will be moving to New Zealand for four years to shoot The Hobbit and its sequel. No wonder it took him so long to sign on – four years is a long time.

Peter Jackson will be executive producing the film. No stars have been announced yet, although Ian McKellan is rumored to reprise his role as Gandalf. The film is set for a 2010 release.

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