Del Toro to Leave 'Mountains of Madness'?

AT MOUNTAINS OF MADNESS_ASAccording to Deadline.com , Guillermo del Toro may have to leave his AT THE MOUNTAINS OF MADNESS project in favor of another production.
Frustrated with delays from Universal on greenlighting the big budget version of the H.P. Lovecraft novel-inspired movie, Del Toro may move on to Legendary Pictures PACIFIC RIM, a giant monster feature written by Travis Beacham (CLASH OF THE TITANS).
Despite James Cameron’s interest in producing the film, and Tom Cruise’s tentative agreement to star, Universal has been understandably hestiant to commit to a $150 Million dollar, R-rated Lovecraftian sci-fi/horror/adventure film. They’ve apparently been trying to get the movie scaled back in terms of budget and probable audience rating.
(This must be due to the script, as there is nothing in the original material that would call for an R-rating. Lovecraft was a fairly bloodless writer. His horrors were mainly disturbing conceptually, rather than viscerally.)
According to the article, if  Guillermo del Toro doesn’t hear back from Universal by the end of today, he will go with Legendary Pictures, and try to go back to MOUNTAINS OF MADNESS after completing PACIFIC RIM — possibly at another studio.
UPDATED: Guillermo del Toro’s next film project will be PACIFIC RIM.  At Deadline , he indicated he’d like to return to the Lovecraft project, down the road. He said:

“Frankly, I think we’ve come so close with Mountains that to me it’s an indicator of the great possibility we will get to make it, as soon as possible. As long as the idea stays fresh and no one beats me to it, in terms of the origins of the monsters, the scope and the aspect of Antarctica where these creatures are discovered, I will continue to press forward. I’m knocking on wood.
I have great partners in Jim Cameron and Lightstorm, and Don Murphy and Susan Montford, great partners in this adventure who are not giving up and not letting me give up.”