With all the rumors flying around it’s become almost a foregone conclusion that Guillermo del Toro will be directing New Line’s 2 picture, movie version of The Hobbit. Well hold your hobbits just a minute. Maybe not.

Guillermo delivered some reality to Total Film over the weekend where he told them, “negotiations have not ended and The Hobbit is not a sure thing.” We knew negotiations were ongoing, but people have been throwing around his name so much it’s easy to forget that. He continues, “I think what happens very often is that these rumours have a way of becoming real or not. I don't expect The Hobbit to be troublesome. But you know, then again, it may never happen... or it may!”

Odds are still that del Toro will indeed direct The Hobbit, but until he has a deal don’t count your dwarf diamonds while they’re still in the cave with Smaug. As The One Ring suggests, this will likely all be cleared up when the writer’s strike gets settled.