It appears that Guillermo del Toro (Pan’s Labyrinth, Hellboy, Cronos) is in talks to take on the Hobbit film. Jackson is up to his eyeballs in projects but will be the executive producer with creative control.
The film itself will be divided into two (and this make me nervous). The first part covers the Hobbit novel but part two will link the Hobbit and Lord of the Rings together, filling in the missing 80 years. Filming is due to take place in 2009 (by which time the Writers’ Strike ought to be over!) and be released in 2010 and 2011.
Source: The Guardian, SciFi Wire