Yes, as many of your predicted, this was our April Fools joke for 2009! We hope we ‘got you’ for at least a little bit!

For a few months now, we’ve all been wondering why there’s been such a cloud of secrecy from Guillermo and PJ regarding progress on The Hobbit. Well, today we got wind of what could be the biggest story so far about this much anticipated film: a report that negotiations are under way for a third film!

On condition on anonymity, our source revealed that some of the main sticking points include amendments to PJ and GDT’s contracts requiring an additional 3 months of principal photography, and temporarily suspending some of their other projects.

Our insider also mentioned some legal wrangling with the Tolkien Estate to acquire additional rights to materials not currently under license which would provide the bulk of the plot for the third movie. What specifically this could be is a guess, but our source seems to imply delving into the back-story of the Istari (Wizards) including Gandalf and Saruman’s youth in Valinor. The inclusion of other young wizards at the academy would provide an opportunity for cameos from LOTR actors who’s story arc doesn’t fit into The Hobbit. The latter would go a long way toward explaining recent cryptic quotes from LOTR actors about possible appearances in The Hobbit.

We’ll keep you up to date as this story progresses. Our source is sending us an update tomorrow.