The news that Tolkienites have been clamoring for since The Return of the King has finally been announced: Peter Jackson has officially signed on as an executive producer for the film adaptation of The Hobbit. After finally settling a legal dispute with New Line Cinema, Jackson, along with his wife and longtime moviemaking partner Fran Walsh, is planning to start pre-production as soon as possible in hopes of a 2010 release.

The Tolkien novel, which follows the exploits of Bilbo Baggins prior to the events of The Lord of the Rings, will be split into two films and, like Jackson’s previous Tolkien adaptations, filmed simultaneously. A director has yet to be named, but one possible candidate is Sam Raimi, who expressed interest in directing the film in an interview with Entertainment Weekly earlier this year. Raimi certainly has the experience in working on a large-scale project such as this, but no matter who eventually signs on, with Jackson involved, the return to Middle Earth is looking promising.

For more information, check out the newly launched official movie blog for The Hobbit at www.thehobbitblog.com.