Here comes another potential name speculated to be up for directing "The Hobbit" aside from Sam Raimi.
AICN has brought up an interesting tidbit saying that, concurrent with offer made to Raimi, renowned filmmaker Peter Weir is being approached to a possibility to helm the project as well. Weir, a native of Sydney, Australia, made his break in Hollywood through his 1985 effort "Witness" and so far has received five Oscar nominations as director.
As for the project, it is an adaptation of J.R.R. Tolkien's book of the same name which turns out to be the prequel of "The Lord of the Rings" trilogy. Story centers on young Bilbo Baggins who gets picked by thirteen dwarves to accompany them on a treasure hunt, a journey that later brings him to the discovery of the One Ring.
UPDATE 05/12/2007: AICN later added that New Line Cinema is also eyeing a few more names like Stephen Sommers, Brad Silberling, Bill Condon, and Michael Bay to take the helming duties, but was careful to note that fans should take these all with "grains of salt."