The more likely scenario might be that Bond 22 will begin filming later this year for a fall 2007 bow.
The trade says the film is based on an original idea from Bond producer Michael Wilson. Stoppard is not unfamiliar with the espionage genre. He is currently rewriting The Bourne Ultimatum, and has also scripted The Russia House, which starred Never Say Never Again's Sean Connery and Klaus Maria Brandauer. That would mean Craig would indeed have a short hiatus between projects and would have to juggle filming and promotional duties. Michell, best known for directing the Julia Roberts romantic comedy Notting Hill, has worked twice previously with Daniel Craig on the dramas The Mother and Enduring Love. Since this project is categorized as being in production, the data is subject to change; some data could be removed completely.
Also Michell has directed Craig twice already so that would be a good fit.