Back during Comic Con, Peter Jackson made a comment that there’s enough material to make a third Hobbit movie from stuff Tolkien wrote in the Appendices of The Lord of The Rings. As they don’t have the rights to film anything from The Silmarillian or the Lost Tales, this would be the last chance they have at squeezing any official Tolkien material into a movie.
At the Con, Warner said something along the lines that there are only plans for two movies, but now the LA Times has dug up information that those plans may be changing:
But Jackson has concluded that there is enough material from the book, as well as the extensive appendixes to “The Lord of the Rings,” to make a third film, according to three people who were not authorized to speak publicly. New Line Cinema, the Warner Bros. unit overseeing production of the movies, is eager to see it happen, and talks are underway with actors and others who would need to sign off on the plan.
There is some great stuff in the Appendices that would make a really good movie, one that would bridge the sixty-year gap between The Hobbit and LOTR. There’s even enough stuff for a short epilogue movie as Tolkien detailed the lives of the Fellowship up to the point where Sam left Middle Earth and Gimli and Legolas built a boat together and left.