Well the latest name being thrown around is horror filmmaker and Guillermo Del Toro protege Juan Antonio Bayona, who made the uber-creepy The Orphanage last year. Although a few of the other names have been dismissed by the powers that be, Bayona has surfaced more than once and out of those suggested seems like the most credible candidate to end up getting the gig.
If he were to be the chosen one, that would make three different directors for the three installments in the franchise - a female breakout director, Catherine Hardwicke with Twilight, a mainstream action/fantasy director in Chris Weitz for New Moon, and now possible a genre filmmaker for Eclipse. Although I would have preferred that they would have just stuck with Hardwicke for all three (I really think this franchise requires the female touch - Hardwicke did a decent job with the first one), it's also pleasing to see them be so bold and hire a different director for each installment.
Bayona's Spanish language The Orphanage put him firmly on the horror movie map (if you haven't seen it by the way, I highly recommend it), and his being held up high by Del Toro doesn't exactly hurt his reputation. For those of you wondering if he's ever made an English language film before he's scheduled to make his first one for Universal called Hater, described as "a dystopian thriller."
I understand (and feel free to correct me if I'm wrong) that the third book has some full-on battles between vampires and werewolves, so in that way Bayona's experience with that sort of thing could make him a great choice for it.
So would Bayona be a good choice to direct the third film in the Twlight franchise? If not, who should direct instead?