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WENN
The Lord Of The Rings filmmaker had agreed to produce the two films that director Guillermo del Toro will make from the J.R.R. Tolkien novel.
Del Toro has previously said that casting was underway for the part of Bilbo Baggins. However, Jackson admitted that the script for the movie is not yet completed and the project has not been given the go-ahead by New Line Cinema and MGM.
He told MTV: "We have to deliver that [the script] to the studio. They have to read it. They have to like it. They have to agree to a budget. They have to green-light the movie, because we haven't really got a green light."
He added: "Everybody assumes that The Hobbit is being made, but the reality is, unless we can write a script that the studio likes and present a budget that they like, there won't be any Hobbit film being made."
David Tennant recently denied rumours that he is to play the lead in the film.
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