Jim West at Biblical Theology blog has already announced this, though I feel it is worth repeating since my doctoral advisor (Albert Pietersma) is one of the chief editors and I may be involved in the commentary on the Greek Psalter.
I first heard about the partnership with SBL unofficially at Pietersma’s annual Bar-B-Que earlier in the summer; here is the official announcement from SBL:
SBL and IOSCS Announce New LXX Commentary Series
The SBL’s Research and Publications Committee recently approved a proposal from the International Organization for Septuagint and Cognate Studies (IOSCS) to publish a new series of commentaries on the Septuagint based on the Greek text as articulated in the New English Translation of the Septuagint (NETS). The Society of Biblical Literature Commentary on the Septuagint (SBLCS), which will be sponsored and developed by the IOSCS, will differ from other Septuagint commentary series by focusing on the translation at its point of origin. That is, the SBLCS will take the Septuagint seriously as a translation in order to attempt to determine what the translator was doing when he was translating.
To that end, commentaries in the SBLCS will adhere to five guiding principles: the original text as the basis for interpretation; the original meaning of the text as the goal of interpretation; the parent text as the primary context for interpretation; the text itself as the only source for determining a translator’s intent; and the wider Greek-language corpus as the sole basis for identifying normal (and abnormal) Greek constructions. In keeping with these five principles, each SBLCS volume will, in addition to addressing standard introductory issues, offer a detailed commentary on individual pericopes, including a summary of a pericope’s contents, discussion of interpretive questions pertaining to the entire passage, bibliography, a critical edition of the Greek text, a Hebrew text, the NETS translation, and a verse-by-verse commentary on the pericope. (For further details on the contents and structure of the commentaries, see here.)
Responsibility for developing the series contents, making commentary assignments, and editing volumes will lie with the IOSCS through its editorial board (see here), while the SBL publications staff will manage the actual publication tasks. The SBL and IOSCS expect the first volume of SBLCS to appear in 2007, with publication of two volumes per year until the series is complete. For further information about the SBLCS, please contact Albert Pietersma (Joint Editor-in Chief), Benjamin G. Wright III (Joint Editor-in Chief), or Bob Buller (SBL Editorial Director).