“The Hobbit” is set to start shooting in February

According to wrap.com, MGM and Warner Bros. decided to give the ok so that production of the two-part series to begin under the direction of Peter Jackson in February.

This movie project is set to appear in two parts. The first one is set to appear in December 19, 2012 and the second one on 2013.

The same site suggested that the films’ budget is around $400 million.

Therefore, there is only one question to answer: who will play Bilbo Baggins character? Rumors say the top choice is actor Martin Freeman, but we will have to wait and see.