The Hobbit Movie Update!!!!

Plot Summary: Based on J.R.R. Tolkien's book, "The Hobbit," which is a prelude to "The Lord of the Rings." The story is of Bilbo Baggins, a hobbit, who wanted to be left alone in quiet comfort. But the wizard Gandalf came along with a band of exhiled dwarves. Soon Bilbo was drawn into their quest, facing evil orcs, savage wolves, giant spiders, and worse unknown dangers. Finally, it was Bilbo, alone and unaided, who had to confront the great dragon Smaug, the terror of an entire countryside.

Empire had the chance to speak to Peter Jackson and Guillermo Del Toro about the upcoming "The Hobbit" films, which are set to hit theaters in 2011 and 2012. According to the two filmmakers, the new prequels will NOT bridge the 60-year gap between "The Hobbit" and the start of "Fellowship of The Ring."

"We've decided to have The Hobbit span the two movies, including the White Council and the comings and goings of Gandalf to Dol Guldur," Del Toro told Empire.

"We decided it would be a mistake to try to cram everything into one movie," added Jackson. "The essential brief was to do The Hobbit, and it allows us to make The Hobbit in a little more style, if you like, of the [LOTR] trilogy."

Last we heard from director Guillermo del Toro, he said that he narrowed down his casting choice for the Bilbo Baggins role in "The Hobbit" films to four actors.

He now tells MTV News that he since has narrowed down the list even more to just one actor. "I believe we're very close now to saying one name," said del Toro, adding that he will reveal his casting choice in a couple of weeks.

According to Del Toro, the actor has not yet been contacted directly, but talks with his representatives have already started.