Summit Entertainment officially announced the deal Wednesday, ending several months of rumored names, which included heavy hitters Gus Van Sant and Sofia Coppola, MTV reports.
"I'm very excited to get the chance to bring the climax of this saga to life onscreen," the Oscar-nominated Condon said in a statement. "As fans of the series know, this is a one-of-a-kind book – and we're hoping to create an equally unique cinematic experience."
Series author Stephenie Meyer expressed similar enthusiasm over the selection of the Dreamgirls filmmaker, who also wrote and directed 2004's Kinsey and penned the screenplay for the hit musical Chicago. "I'm so thrilled that Bill wants to work with us," she said in a statement. "I think he's going to be a great fit, and I'm excited to see what he does with the material."
No word, however, on whether Breaking Dawn, the last chapter in the love story between Robert Pattinson's bloodsucking Edward and mortal Bella, played by Kristen Stewart, will be split into two films – which it's widely expected to do, according to Variety.
Meet Sandra Bullock's baby! For the whole story – including photos of her son Louis, an emotional interview about her breakup with Jesse James and her life as a new mom – pick up the new issue of PEOPLE, on newsstands Friday