Variety reports that after months of searching for the proper writers for The Hobbit and its sequel, Peter Jackson and Guillermo del Toro have officially enlisted The Lord of the Rings’s writing team of Fran Walsh and Philippa Boyens to join their own efforts.

Reuters reports that Jackson (who directed the Rings Trilogy and will executive produce The Hobbit films) and New Line executives hired Guillermo del Toro months ago to direct the pictures. Since that time, Jackson and del Toro have been in search of the proper screenwriter to adapt The Hobbit for the big screen.

Reuters continues by saying that after a fruitless search, Jackson and del Toro decided to take up the writing duties themselves (along with the help of Boyens and Walsh) since they had some unexpected openings in their schedules. Additionally, because of their affection for the material and vast knowledge of it, Jackson and del Toro thought it best writing commence as soon as possible in order to begin principal photography in late 2009 as is tentatively scheduled.

Reuters adds that the film, like the book, will revolve around a young Bilbo Baggins whose comfortable life is turned upside down when the wizard Gandalf (played by Ian McKellan and reprising his role from the Rings trilogy) takes him on a quest for treasure.

The Reuters report adds that New Line and MGM hope to release The Hobbit by 2011 and its sequel (which regards the 60-year interim between The Hobbit and The Fellowship of the Ring) in 2012.