It sounds like The Hunt for Gollum will take a while, as Gandalf himself says the team behind it is planning for two films

The Lord of the Rings: The Hunt for Gollum is, perhaps unsurprisingly, supposedly going to be split into two films, according to Ian McKellen. It seems like Warner Bros is looking to continue its tradition of stretching out Lord of the Rings films into slightly too long with its next project, The Hunt for Gollum - you might remember that The Hobbit was turned into a trilogy, despite there not being quite enough book to actually manage that, but hey ho, there's money to be made. And there's even ...