DHallows will be in 2 films!! and Yates named as director.

Deathly Hallows will be made into two movies with the first part released in "November 2010" and the second "May 2011", and yes, David Yates is directing.

We at TheSnitch are delighted by this news and hope to bring you an official announcement from WB soon.

You can read the full article from the LA Times Here
Here are some key quotes…

It's official: Eight will be the magic number for the "Harry Potter" film franchise.

After months of rumors, Warner Bros. and the producers of the massively successful movies will announce Thursday that they plan to split "Harry Potter and the Deathly Hallows," J.K. Rowling's seventh and final "Potter" novel, into two blockbuster films -- one to be released in November 2010 and the second in May 2011.

The films will be titled, simply, "Harry Potter and the Deathly Hallows: Part I" and "Harry Potter and the Deathly Hallows: Part II," according to producer David Heyman. Director David Yates, who returned for his second tour of Potter duty with "Harry Potter and the Half-Blood Prince" and is quite popular with the cast, will direct both "Deathly Hallows" films, which will be filmed concurrently. Screenwriter Steve Kloves also returns and, by completion of the franchise, will have written seven of the eight films.
One devoted "Potter" reader that is especially happy to hear the news is Daniel Radcliffe, the 18-year-old actor who plays the title character in the wizardry epic.

Some cynics will see the move as simply doubling the box-office payday, but Radcliffe told The Times that the split is purely in service of the story.

"I think it's the only way you can do it without cutting out a huge portion of the book," Radcliffe said recently during a break on the set of "Half-Blood Prince," the sixth "Potter" film, which is due in theaters on Nov. 21. "There have been compartmentalized subplots in the other books that have made them easier to cut -- although those cuts were still to the horror of some fans -- but the seventh book doesn't really have any subplots. It's one driving, pounding story from the word go."

Producer David Heyman said the decision was made with some anxiety and only after considerable deliberations. The producer joked that "while my wife and Warner Brothers were pleased" to hear that the Potter movie magic will continue into the next decade, he himself fretted that the cynical observers would see the decision as a purely mercenary move.

"I swear to you it was born out of purely creative reasons," Heyman said during an interview in a converted airplane factory outside London that has been home base to all of the "Potter" productions. "Unlike every other book, you cannot remove elements of this book. You can remove scenes of Ron playing quidditch from the fifth book, and you can remove Hermione and S.P.E.W. [Society for the Promotion of Elfish Welfare> and those subplots . . . but with the seventh, that can't be done."

Heyman said he approached Rowling with some trepidation about the strategy but found that she signed off on its logic rather quickly. "I went to Jo and she was cool with it," Heyman said, "and that was quite a relief."