Will Elijah Wood be in The Hobbit? According to Deadline the answer might be a resounding yes. File this under rumor for now, but supposedly conversations have opened up between the Lord of the Rings star and Warner Bros. regarding a possible Frodo cameo. Not surprisingly, Ian McKellen, Andy Serkis and Orlando Bloom are said to be in talks to join Martin Freeman and the ever expanding cast in the much anticipated return to Middle Earth. Of course, every Hobbit fan knows of Gandalf’s and Gollum’s importance to the prequel story, but the tale occurred long before Frodo was a wee lad so where he’ll figure into the proceedings remains anyone’s guess.In related news from earlier today, Warner Bros. will oversee worldwide distribution of The Hobbit and cover the entire cost of the prequels, which is said to exceed $500 million. How’s that for a Hobbit’s tale?The first Hobbit film, directed by Peter Jackson, is scheduled for December 2012; part two will follow in December 2013.  Hit the jump for a synopsis from of J. R. R. Tolkien's book.

Bilbo Baggins, the hobbit, is a peaceful sort of cozy hole in the Shire, a place where adventures are uncommon and rather unwanted. So when the wizard Gandalf whisks him away on a treasure hunting expedition with a troop of rowdy dwarves, he’s not entirely thrilled. Encountering ruthless trolls, beastly orcs, gigantic spiders, and hungry wolves, Bilbo discovers within himself astonishing strength and courage. And at the ultimate confrontation with the fearsome dragon Smaug, the hobbit will brave the dangers of dark and dragon fire alone and unaided. [Amazon]