Devoutly to be wished:

The movie that he most longs to make is an adaptation of a grandly ridiculous H. P. Lovecraft novella, “At the Mountains of Madness,” in which explorers, venturing into Antarctica, discover malevolent aliens in a frozen, ruined city. Some of the aliens mutate wildly, which would allow del Toro to create dozens of extreme incarnations. He said, “If I get to do it, those monsters will be so terrifying.”

Looks like a serious longshot, though, as what he's talking about will cost the earth (insists on two weeks of on-location filming in Antarctica). Read the whole thing, and don't miss the ancillary video as a reminder of why del Toro might be the guy who could pull it off. There's a lot of interesting stuff about The Hobbit movie as well. Reading it, I'm not too upset that he's off the project, but I sure hope some of his designs make it onto the DVD special features.

Hat tip to Steve.