Filmmaker Peter Jackson has warned Lord Of The Rings fans not to get too excited about The Hobbit prequels - because they have yet to receive the go-ahead from movie studio executives.

Jackson has signed on to co-write and co-produce two Hobbit movies, based on the fantasy novels by J.R.R. Tolkien, which will be directed by Guillermo del Toro.

Reports suggest the first film is slated for release in 2011, while the second part will follow in 2012.

But Jackson insists the projects are still in their very early stages - and they've yet to come up with a script, let alone secure funding for the movies, reports Starpulse.

Source: Press Release