In an interview with Moviefone, The Hobbit executive producer Peter Jackson confirmed that the screenplays for both parts have been handed in to the studio and he expects the films will soon get a greenlight and gear up for production:
We’ve just delivered the script. Literally last week, we delivered the second of the two screenplays — the first draft. So the studio’s got both scripts now, which is a milestone; and if anything was holding it up, it was us doing the screenplays, because we’d just been writing as fast as we can, but it took us this long to get them finished. So we take whatever responsibility there is for the speed. And we’re now in the process of budgeting the films, and then hopefully we’ll get to a budget the studio [people] are happy with, and they’ll greenlight the movies and we’ll announce the shooting dates. I’d be pretty optimistic that we’ll be shooting before the end of the year. I would imagine October, November, we’d be shooting by. I’m not announcing it, though.
Read the rest of Jackson’s interview at Moviefone.