During Comic-Con a few weeks ago, a Warner Bros. rep shot down rumors that Peter Jackson's two-part Middle Earth prequel, The Hobbit: An Unexpected Journey and The Hobbit: There and Back Again, will be expanded into a trilogy. Today, we have a new report claiming the director is in "accelerated" talks with the studio about making a third movie.

The filmmaker has said that he shot an abundance of material that he would not be able to fit into both movies, which sparked speculation that a third movie may be in the works. Warner Bros. is now reportedly on board with the proposal, if they can make it for the right price, since new deals will have to be negotiated with cast members. At any rate, a decision must be made very soon, according to an unidentified source close to the production.

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"If we're going to do it, we have to make a decision soon. It's strongly driven by the filmmakers' desire to tell more of the story."

If a third movie is give the green light, shooting will likely take place for a couple of months in New Zealand, sometime next summer. The Hobbit: An Unexpected Journey is slated for release December 14, with The Hobbit: There and Back Again arriving in theaters December 13, 2013. The proposed third movie would likely debut in December of 2014, if it comes to fruition.