According to The Hollywood Reporter, Amazon plans to spend $1 billion on the series (including casting, producers, and visual effects), which would make it the most expensive series in TV history.
There's no word yet on the content of the series, but given that it's been labelled a "prequel" to The Lord of the Rings and Amazon is working with The Tolkien Estate, they certainly have a lot of material to work with.
Other Lord of the Rings alum, however, are not as enthusiastic.
John Rhys-Davies, who played Gimli in The Lord of the Rings films, suggested this was more about money than anything.
"Why we quite need Lord of the Rings as a TV series baffles me slightly," he said. "I mean, poor Tolkien must be spinning in his grave."
Andy Serkis has already said he would pass if approached to reprise his role as Gollum, instead suggesting that a "fresh approach" would be more worthwhile.
"I don’t think they will, and nor should they, because I really do think that it’s a wonderful opportunity to tell Tolkien’s incredible story through a long form. If I was putting myself in their shoes, I’d be wanting to create something completely fresh and see the world in a completely different way."
One actor who isn't quite ready to hand over his role to someone else, however, is Sir Ian McKellen. When asked about the upcoming series on The Graham Norton Show, McKellen made his feelings quite clear:
"I haven't said yes because I haven't been asked," the actor continued. "But are you suggesting that someone else is going to play it? "Gandalf is over 7000 years old, so I'm not too old [yet]."
While there's no scheduled release date yet, part of Amazon's deal requires them to begin production within two years, so it'll be on the way soon!
What do you think of this new series?
Let me know in the comments below or Tweet me at @TolkienBritta!