TheOneRing (http://www.theonering.net) has announced that Hugo Weaving will be returning to "The Hobbit" and its sequel as Elrond. Guillermo Del Toro will be directing the two "Hobbit" films which are being planned for a Christmas 2011 and 2012 release. Andy Serkis and Ian McKellen will be reprising their roles from the original "Lord of the Rings" trilogy and it is expected that Viggo Mortensen will be back as well.

Meanwhile, MTV Movies Blog (http://moviesblog.mtv.com) spoke with Del Toro recently, who reveals that he is close to announcing who he will be casting in the role of Bilbo Baggins.