Is there any plan to novelize the Hobbit movies?

I know this question sounds either ignorant or sacrilegious.

But clearly Peter Jackson added a lot of material and characters that don't exist in the original Hobbit book, either from other Tolkien material, or from thin air.

Is there any plan to novelize the films the way they were actually made? If not, what are the reasons? (Legal, backlash, etc.)