Get ready to strap on your Elven robe and pack some Lembas bread. Peter Jackson and those “tricksy Hobbitses” over at New Line Cinema have reached an agreement to make J.R.R. Tolkien’s “The Hobbit,” a prequel to the blockbuster trilogy “The Lord of the Rings.”

The future of The Hobbit was in jeopardy despite the runaway success of The Rings trilogy which grossed nearly $2.91 billion worldwide. Jackson sued New Line in 2005 claiming the studio miscalculated his share of the receipts.

Jackson won a best director Academy Award for “The Lord of the Rings: Return of the King,” the third installment of the trilogy. Jackson will serve as executive producer for “The Hobbit.” A director for the prequel films has yet to be named.

Two “Hobbit” films based on the J.R.R. Tolkien books about the adventures of Bilbo Baggins are scheduled to be shot simultaneously. The films are scheduled for release in 2010 and 2011.

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