'Bond 23' arriving November 2012

The 23rd James Bond movie has reportedly been scheduled for a cinema release in November 2012.

According to Bloomberg, studio MGM - which filed for Chapter 11 bankruptcy earlier this week after rejecting a takeover bid from Lionsgate - is close to a buy-out from Spyglass Entertainment.

Under the proposed agreement, MGM's $4 billion debt will be extinguished and production on The Hobbit and the 007 series will continue. The studio is looking for a partner to split production costs on the next Bond before eventually retaking full ownership of the property.

From 2012, the spy series is expected to release new instalments every two years.

Daniel Craig is likely to return as the British secret agent, while it is unknown if director Sam Mendes will come back to the project.