Guillermo Del Toro will not be directing The Hobbit.
There have been a string of delays surrounding the movie and both Peter Jackson and Del Toro have admitted in recent weeks that the project is yet to be green lit by the studio.
Del Toro has been attached to the movie for some time with Jackson serving as executive producer as well as penning the script, which is supposed to be completed.
Andy Serkis revealed last month that he didn't know what was happening despite, along with Ian McKellan, speculating when filming would get underway.
An audition process has been underway to find the rest of the cast although an announcement is yet to be made on who is on the cast list.
In a statement issued to One Ring he said: "In light of ongoing delays in the setting of a start date for filming The Hobbit, I am faced with the hardest decision of my life.
"After nearly two years of living, breathing and designing a world as rich as Tolkien’s Middle Earth, I must, with great regret, take leave from helming these wonderful pictures.
"I remain grateful to Peter, Fran and Philippa Boyens, New Line and Warner Brothers and to all my crew in New Zealand. I’ve been privileged to work in one of the greatest countries on earth with some of the best people ever in our craft and my life will be forever changed.
"The blessings have been plenty, but the mounting pressures of conflicting schedules have overwhelmed the time slot originally allocated for the project.
"Both as a co-writer and as a director, I wish the production nothing but the very best of luck and I will be first in line to see the finished product. I remain an ally to it and its makers, present and future, and fully support a smooth transition to a new director."
A replacement for Del Toro is yet to be named.
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