Earlier this week it was announced that Guillermo del Toro was “in talks” to direct back-to-back Hobbit movies for New Line and MGM.

I was waiting on a confirmation before going with it because so many directors have been rumored as being involved with the project. I had to be sure. These rumors go back at least a year, just take a look at the timeline.

According to TheOneRing, it’s a done deal. GdT has been touring around promoting The Orphanage, a Spanish horror film he produced, where the director confirmed he’s headed to Middle Earth. It will be his next project after he finishes Hellboy II: The Golden Army.

The Lord of the Rings trilogy’s director, Peter Jackson, will executive produce with “approval over creative elements.” Apparently you have to sort of look like a hobbit to direct one.

If you’re not familiar with del Toro at this point, you should be. He was the man behind the camera for one of the best films of 2006, Pan’s Labyrinth, and Hellboy.

The Hobbit will be split into two films (each with a budget of $150 million) to be released in 2010 and 2011.

Oh, and if you can’t wait for HBII, Empire has exclusive video diaries from production and the official website has more new images.