Fans of J.R.R. Tolkien's novels now have a reason to celebrate as "The Lord of the Rings" is about to hit the small screen. Warner Bros. Television, whose film outfit is responsible for the book's movie versions, and Amazon Studios are said to be in the discussion to develop this new television series.

According to NME, Warner Bros. got in touch with Amazon Studios for a potential deal for the franchise's television adaptation. The two firms are now reportedly in early talks with Tolkien's estate. Thus, development is in its early stage.

Reportedly, Warner Bros. also approached Netflix and HBO to make "The Lord of the Rings" TV series possible. However, Amazon is the likely victor as the network's CEO Jeff Bezos is personally engaged in the negotiations. As the company is also looking for its own global success like HBO's "Game of Thrones," the adaptation of Tolkien's novels might be what Amazon has been waiting for.

Tolkien's estate and Warner Bros. are asking for $250 million for the series' rights. This deal does not include the show's production budget yet, which is deemed to cost up to $150 million. This figure is even more expensive than the TV adaptation of George R.R. Martin's "A Song of Ice and Fire" novels, which reportedly cost around $10 million per episode.

Hence, "The Lord of the Rings" series could be the most expensive shows in TV history. It is even pricier than "The Crown" which has a $130 million budget per season.

Meanwhile, in an interview with Entertainment Weekly Radio, the original star of the movie adaptations of Tolkien's trilogy novel, Sean Astin, who played the role of Samwise Gamgee, talked about the possible TV version of the film.

"I thought that was intriguing," he said.

The "Stranger Things" actor said he foresaw that "The Lord of the Rings" would be remade after the movies came out. Although some people believed it should never be recreated because it is a classic piece, with its massive story and well-loved characters, it cannot be helped.