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Part one of Harry Potter and the Deathly Hallows will debut in November 2010; the second will hit screens the following May, according to Variety.
That's good news for studios: To date, the Potter franchise has earned $4.5 billion worldwide at the box office.
But producer David Heyman tells The Los Angeles Times the decision "was born out of purely creative reasons.
"Unlike every other book, you cannot remove elements of this book."
Daniel Radcliffe and the gang began shooting the sixth Potter film, Harry Potter and the Half-Blood Prince, last September.
"It's been brilliant," Radcliffe has said. "It's also, I think, the funniest of the films so far."
Half-Blood Prince hits screens in November.
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Daniel Radcliffe
Rupert Grint
Emma Watson
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