The Oscar-winning director of the Lord of the Rings trilogy Peter Jackson has signed up to produce two films based on another JRR Tolkien book - The Hobbit.
The book is about the adventures of Bilbo Baggins and is where the ring that has to be destroyed in the Lord of the Rings first appears.
The two Hobbit movies will be filmed back-to-back with release dates planned for 2010 and 2011.
But it is not yet known who'll be directing the fantasy epics.
Sir Ian McKellen has already said he'd be very happy to return to his role as the wizard Gandalf if a movie version of The Hobbit was ever made.