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'The Hobbit' Not Yet Green-Lit, Peter Jackson Says

'Unless we can write a script that the studio likes and present a budget that they like, there won't be any 'Hobbit' film being made,' producer says.

The odyssey of Bilbo Baggins -- and the identity of the actor who will eventually play him in Guillermo del Toro's adaptation of [movie id="376322"]"The Hobbit"[/movie] -- will continue a bit longer. And here we thought the casting journey was almost over.

The Bilbo rumor mill has churned up names like James McAvoy, Martin Freeman, David Tennant and Daniel Radcliffe, and in June, del Toro told MTV News that he had narrowed his search to one actor and was getting set to make an announcement in the coming weeks.

"I believe we're very close now to saying one name," he said.

The weeks came and went with nary a word on Mr. Baggins. And at last week's [article id="1616951"]San Diego Comic-Con, producer Peter Jackson[/article] told us not to expect news soon. Why? They're still working on a script.

"You never go offering a role to an actor until you have a script that they can read, and you also need a schedule so you can tell what dates you need them to work," said Jackson, who directed the "Lord of the Rings" trilogy, which acts as a sequel to "The Hobbit."

So who's telling us the truth: Jackson or del Toro? Perhaps Jackson, who called himself a superstitious person during the interview and didn't want to jinx the project. He went so far as to say the movie hadn't been green-lit, which may technically be true, but when you consider the fact that his "Rings" movies won 17 Oscars and grossed about $1.8 billion at the worldwide box office, "Hobbit" is the definition of a Hollywood sure thing.

Still, the script is about three weeks away from being complete, according to Jackson, so the Bilbo casting will have to wait until other decisions have been reached. "We have to deliver that to the studio," he said. "They have to read it. They have to like it. They have to agree to a budget. They have to green-light the movie, because we haven't really got a green light. Everybody assumes that 'The Hobbit' is being made, but the reality is, unless we can write a script that the studio likes and present a budget that they like, there won't be any 'Hobbit' film being made."

While the script hurries toward completion, Jackson and del Toro have been discussing all aspects of their filmmaking process. Though del Toro won't be shooting with a digital camera, thus ruling out a 3-D "Hobbit," they are leaving open the possibility of releasing the film for IMAX theaters. But that is a decision they'll finalize in the coming months.

"We're just getting past that first hurdle," he said.

MTV News was on the scene at the 2009 San Diego Comic-Con. Visit MTVNews.com, Splash Page, the MTV Movies Blog and Hollywood Crush for videos, interviews and the latest news on "New Moon," "Iron Man 2" and everything in between.

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