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As has already been mentioned both of these films were born more from the success of Gladiator (good box office and an Oscar) than LOTR. They both were likely to have been in the planning stages prior to the release of FOTR and it is interesting that both take a decidely non-mythological stance.
Arthur is based on more of an Ancient Briton, Celtic vibe. No knights in armour and magic swords here.
Troy is also being presented more as a historical epic than a straight interpretation of the Iliad. The Gods will not feature.
These factors seem to suggest that they are indeed based on Gladiator's success rather than LOTR. Although obviously the publics reaction to the battle scenes in TTT and ROTK will have reassured the investors greatly.
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