The Lord of the Rings: The Rings of Power’s showrunners have signed a new deal at Amazon MGM Studios and early work has begun on Season 3. Patrick McKay and JD Payne have reached a three-year deal with the company and started their own production outfit, 10:40 PM Productions.

Season 2 is wrapped now and is slated for release on Prime Video this year. Season 3 has not been officially confirmed, but McKay and Payne have already begun to “break the initial story outline,” according to The Hollywood Reporter.

This is no big surprise. After all, McKay and Payne previously said they had five seasons mapped out, including the final shot of the final season.

In another development, Amazon confirmed that the production hub for The Rings of Power is moving from Bray Studios to Shepperton Studios in the UK.

Amazon MGM Studios boss Vernon Sanders said the company continues to be “amazed by the scope and scale” of the vision that McKay and Payne have for The Rings of Power.

The Rings of Power premiered in 2022 and became one of Prime Video’s most popular TV shows. The show takes place in the Second Age of Middle-earth, which is long before the events of the Peter Jackson Lord of the Rings movies.

Lord of the Rings fans have to wait a bit longer for The Rings of Power Season 2, but the streamer’s next big release, Fallout, is coming in April.