Peter Jackson says that an announcement is coming "sometime soon" regarding "The Hobbit," the "Lord of the Rings" prequel that has been delayed and beleaguered by the financial troubles of MGM. When Guillermo Del Toro removed himself from the project, most fans got it in their minds that Jackson would return to Middle-Earth in his rightful director's throne. As of now, nothing has been confirmed, but there's at least one "Lord of the Rings" star hoping that Jackson steps behind the lens on "The Hobbit" — Dominic Monaghan.
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Frankly neither can I see anyone else doing it. Like Dominic states here, to get it right Jackson would at least have to produce. If he's going to get involved, then he might as well get completely involved. You would think after creating his "baby" here he wouldn't want to leave someone else to take care of his creation. Cause Middle Earth DOES belong to Jackson now. If he doesn't do it, I think some people are going to be very disappointed.