Yesterday, citing "a very reliable (and handsome) inside source," Pajiba reported that David O. Russell is coming on to direct and adapt. Meanwhile, the Tobey-Maguire-as-Bilbo-Baggins rumor has been denied.
Russell has finished shooting The Fighter with Christian Bale and Mark Wahlberg, and his derailed comedy Nailed, which shut down production four times, is still listed by IMDB as being in postproduction. He's got no less than seven other projects said to be in development.
Both The One Ring and Movieline reported later, however, that the rumor was not true. "This is false!" Maguire's publicist Kelly Bush told Movieline. The One Ring wrote, "Our sources indicate this rumor is NOT valid, again, this is NOT true according to our sources."