Guillermo del Toro is in talks to direct back-to-back installments of J.R.R. Tolkien’s “The Hobbit,” which is being co-financed by New Line and MGM.

According to The Hollywood Reporter, Del Toro’s name was on a short list of directors who could tackle the project, one of the most anticipated literary adaptations of the past decade. He’s helmed such movies as the Oscar-nominated “Pan’s Labyrinth” and “Hellboy,” and is currently putting the finishing touches on Universal’s summer release “Hellboy 2: The Golden Army.”

For New Line, making “The Hobbit” had become a priority in the wake of its mega-success with the Oscar-winning “Lord of the Rings” movies, co-written and directed by Peter Jackson.

Jackson wanted to adapt “The Hobbit,” but the project went into limbo after a dispute with the studio over profit participation. Neither New Line nor MGM, both rights-holders to the film, wanted to risk alienating fans of the trilogy by making an adaptation that didn’t have Jackson’s involvement.

The December resolution of the Jackson suit paved the way for “Hobbit” to get back on track. However, because of other commitments, including “The Lovely Bones” and “Tintin,” Jackson couldn’t take on writing and directing roles, opting instead to become an executive producer with approval over creative elements of the pair of films.

Finding a writer for “The Hobbit” will be a priority after the writer’s strike is resolved. Principal photography for the films, which will be shot simultaneously, is tentatively set for 2009, with the release of the first film slated for 2010 and the second for 2011. The production budget is estimated at $150 million per film.

“The Hobbit,” published in 1937, centers on Bilbo Baggins, a hobbit who joins a group of dwarves and the wizard Gandalf on a quest to find the treasure of a dragon named Smaug. Tolkien went on to write “The Lord of the Rings” 17 years later.

To say I’m looking forward to these films would be a total understatement. Also, while I know Jackson will have creative approval, I think it would be hard for him to be involved without sitting in the director’s chair.

On the other hand, maybe it’ll be a little respite from the challenging role of director and writer. Any thoughts?

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