If you follow movie news, you’re aware that last month we found out that Guillermo del Toro would be directing his dream project next, a massive big-budget adaptation of H.P. Lovecraft‘s At the Mountains of Madness with James Cameron helping out as a producer. This was some of the more exciting news we’ve heard in recent memory, but now begins the not-so-exciting aspect to the project: the casting rumors.

When del Toro was attached to direct The Hobbit, the constants in related news were either delays due to MGM’s ongoing struggles (which ultimately led to del Toro stepping away from the movies), and of course the never-ending rumors of who might play Bilbo Baggins. Now the casting frenzy has begun with At the Mountains of Madness, and we have our first two potential lead-role names.

The good news here is that these actors are not randomly generated rumors, but more the leading names on the studio and director’s wish list. The bad news is that the studio and director seem to have a difference in opinion. Universal is the studio backing the risky project, and sources close to the action claim that they want James McAvoy to star. On the other hand, Mr. del Toro has more of a liking for a one Tom Cruise to lead the charge.

One of the countless movie projects that Guillermo del Toro has wanted to direct is an adaptation of an H.P. Lovecraft horror title, but many obstacles have stood in its way.

At San Diego Comic-Con 2010 this past weekend, we found out that del Toro was writing and producing Disney’s The Haunted Mansion, and we got a little taste of Don’t Be Afraid of the Dark, which he’s also writing and producing. The thing we did not find out was what he would actually be directing next, which he promised would be a horror and we would know soon enough.

According to reports from Deadline, that movie will indeed be Lovecraft’s 1931 novel, At the Mountains of Madness…finally!