The filmmaker - who recently quit `The Hobbit` - is currently considering three scripts to work on, but has not yet decided on the right project.
He said: "I want to be, if possible, shooting in May next year. So I need something that is ready to go into preproduction immediately.
"I didn`t want to do a rebound movie. I didn`t want to wake up the next morning and say, `Oh my God, what have I done?` What I was very careful with was reading stuff that I feel completely passionate about."
The current favourite project is something the director was working on in the mid-90s that never got off the ground.
He said: "It went completely into a beautiful roundabout way and came back to me."
However, Guillermo is upset that his dream movie, an adaptation of H.P. Lovecraft`s book -Mountains Of Madness`, is not likely to get off the ground any time soon.
He explained: "I would love to be doing `Mountains Of Madness,` but still, even now, it`s very difficult for the studios to take the step of an R-rated, tent-pole movie, with a tough ending and no love story."