With "The Hobbit" now all set to go in front of cameras, MGM is now prepping another one of their bonafide franchises for a return to cinemas.

Daniel Craig is officially back as 007 in the currently untitled "James Bond 23" with Sam Mendes directing. The news follows burbles late in 2010 that had composer David Arnold revealing that the project was "back on" and Kate Winslet dropping that Sam Mendes was indeed going to be directing. The picture's development, as everyone knows by now, was stalled due to MGM's bankruptcy but now that they are over that hump and fresh with a bit of cash to spend, things are moving forward. They will not be releasing the film themselves and they are apparently in talks with several studios to take on those duties with Paramount and Sony said to be lead contenders.

A title and plot details are currently under wraps, but the project has a script by Neal Purvis ("The World Is Not Enough"), Robert Wade and John Logan ("The Aviator," "Hugo Cabret"). Peter Morgan who was attached in early development left the project last year.

The news likely means that David Fincher won't be able to immediately follow up "The Girl With The Dragon Tattoo" with its sequel, "The Girl Who Played With Fire," something the director himself indicated in recent interviews, saying that Craig's commitment to Bond would likely mean the follow-up film would be a way off.

"James Bond 23" will hit theaters on November 9, 2012. Production on the film starts in late 2011.