Pre-Production has started on 'The Hobbit', scheduled for release in 2011.

Guillermo del Toro will direct The Hobbit this time around, with original LotR director Peter Jackson working in a producing role. The film will be split into two, and will not stray from the source material as rumored in the past. As of now, we're still waiting for our main character, Bilbo Baggins (featured as an adult in the first film), to be cast – with some saying that role could go to James McAvoy or David Tennant. Actual production will begin next year with the first installment arriving in theaters in December 2011.

Read the full article from Fandango here.