Sir Ian McKellen spoke with Empire Online (http://www.empireonline.com) where he pretty confirmed his involvement as Gandalf in "The Hobbit" and the planned sequel for New Line and MGM. Guillermo del Toro will be directing both pictures which are slated for a holiday 2011 and 2012 release. "Lord of the Rings" director Peter Jackson will be exec producing the project along with Fran Walsh.

"I spoke to Guillermo in the very room that Peter Jackson offered me the part and he confirmed that I would be reprising the role. Obviously, it's not a part that you turn down, I loved playing Gandalf."

He added that Guillermo plans on beginning work on the script in six weeks.