Earlier today, news broke that Warner Bros. would be the worldwide distributors of Peter Jackson's The Hobbit and The Hobbit Sequel. Now word is starting to spread that Frodo Baggins himself, Elijah Wood, may be returning to the Shire.

Warner Bros. is expected to pay for the entire budget of both upcoming prequels, which will reach in excess of $500 million. In recent months, original The Lord of the Rings cast members Ian McKellen, Andy Serkis, Orlando Bloom, and Cate Blanchett have been rumored to return for The Hobbit. And now we can add Elijah Wood to that growing list.

At this point, it all centers on how much Warner Bros. is willing to spend on returning cast members who may not necessarily be needed to tell this particular story. Hell, why not bring everyone back at this rate?

The entire cast needs to be locked soon, as shooting is scheduled to begin in the next two months.