Wood stated about his conversation with Peter Jackson, "I haven't spoken to him directly about it [but] I've e-mailed him, and as far as I know the two films that they're doing, one will be The Hobbit and another will take place between the 60 years that happened between The Hobbit and The Lord of the Rings."
Wood is excited at the possibility of coming back, "If I'm asked to go back and revisit that character and it makes sense, I would love to. I would absolutely love to. Nothing was really written with Frodo involved in it. That was sort of an ancillary tale outside of Lord of the Rings. I can't imagine that they [Jackson, Fran Walsh and Philippa Boyens] would write great reams of information regarding my character. But if he [Frodo] should show up, it would actually be the perfect way to revisit because it could be small enough that I could go back and have a nice sort of reunion with the memories that I have of the experience."
Wood is more excited about the film as a fan than a potential cast member, "It's a great triumph [that Peter is involved.] I think that's really important that the same team that worked on the [earlier] films [work on "The Hobbit"], the same effects team, that it be shot in New Zealand. I think that it's important that Ian McKellen is cast as Gandalf, just so that there's a synergy between the films. I think people want it to exist in the same world. So at least now we are assured that it will be done through that same lens, which is great. It's exciting."
The Hobbit will open in 2010.