Since stepping down from The Hobbit, there has been some speculation over his next directorial gig. His name has been in circulation with  Frankenstein, Slaughterhouse Five, and future Hellboy sequels, but many people were putting their money on H.P. Lovecraft’s At the Mountains of Madness. It appears that they might be correct.

Deadline is reporting yet another story that should be considered as a rumor for the time being.

But when del Toro announced at Comic-Con he’d cowrite and produce Haunted Mansion, he told the crowd he’d set his next film shortly, and that it would be scary. At the Mountains of Madness fits that bill, even for del Toro and Universal. The film will be a big ticket item, shot in 3D where Cameron’s expertise can really help. Cameron has said he won’t put his name on many future movies outside of the 3D reboot of Fantastic Voyage at Fox, but I’ve heard he’s making an exception for del Toro. Cameron’s presence helped win over the studio. I’m told the film will begin pre-production in the next few weeks, and shoot next summer.

Lovecraft’s original story, printed in 1936,  centered on an ill-fated expedition to Antarctica, in which geologists discover the remains of ancient life forms.

Del Toro is also currently producing Don’t Be Afraid of the Dark, due January 2011, and The Haunted Mansion, which was just recently announced at Comic Con.