TheForce.net received the following info from an ILM insider on the possibility of ILM helping WETA out with the special effects on the Lord of the Rings:
Most everyone over at ILM says that currently they are not signed to work on Lord of the Rings and are also not actively bidding to get a piece of it. Seems it would be too huge a job to do especially considering that the schedule for LOTR runs concurrent with SW2.
Some of the current ILM projects include Rocky & Bullwinkle, Galaxy Quest, Space Cowboys, Sleepy Hollow, The Perfect Storm, and coming soon Mission to Mars and Episode II. Doing LOTR at this point would be possible, but HIGHLY unlikely.
Peter Jackson sat down for a small featurette to discuss taking The Lord of the Rings and The Hobbit into 4k.