According to the actors official website, Ian Mckellen has confirmed that filming on the long awaited adaptation will begin this July in New Zealand. Currently two films are planned.
“Filming will take over a year,” says the announcement, which confirms that McKellen will reprise his role as the wizard Gandalf. “Casting in Los Angeles, New York City and London has started. The script too proceeds. The first draft is crammed with old and new friends, again on a quest in Middle Earth. The director Guillermo del Toro is now living in Wellington, close to the Jacksons’ and the studio in Miramar.”
I have repeatedly said on this site that this movie will never happen. And despite this announcement I still believe that.....but maybe Im wrong. :)