Frodo is coming back to the Shire.
After the rumors of his return started earlier this week on Deadline, Elijah Wood has been confirmed to reprise his role in "The Hobbit." As Frodo, Woods was one of the primary characters of "The Lord of The Rings" trilogy, which was successfully adapted by director Peter Jackson. However, Frodo does not appear in J.R.R. Tolkien’s original text of "The Hobbit" because the events of that novel took place decades before he was born.
A report on TheOneRing.net states that Frodo’s scenes in "The Hobbit" will bookend the story told to him by his adopted uncle Bilbo Baggins (Martin Freeman). In "The Lord of The Rings" films, Bilbo was portrayed by Ian Holm; who could also potentially return for his part if Jackson elects not to age Freeman either digitally or through makeup.
Outside of "The Hobbit," Woods is also set to star in "Wilfred," a new comedy series on FX, as well as a new adaptation of Robert Louis Stevenson’s "Treasure Island" in the United Kingdom.
Thus far, only Woods and Cate Blanchett are confirmed to reprise their roles, but negotiations with Hugo Weaving, Ian McKellen and Andy Serkis are still said to be ongoing. Orlando Bloom is also rumored to be in talks to appear as Legolas.
Earlier this week, Warner Brothers and MGM announced that they had reached a deal that will allow Warner Brothers to handle the international theatrical release by itself in return for funding the entire $500 million budget. Production on the film is expected to begin within the next few weeks.
"The Hobbit" will be adapted into two parts, with the first film coming in December 2012 and the second in December 2013.