Empire Online recently caught up with Sir Ian McKellen and got the actor to admit that he was indeed coming back for The Hobbit and The Hobbit Sequel. And it seems he is quite ecstatic about reprising his role as Gandalf the Grey.
McKellen stated, "Yes, it's true. 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. We talk occasionally and he's looking forward to coming out of retirement, yes. Guillermo will be getting around to starting the script in about six weeks when he's finished (editing) Hellboy II: The Golden Army."
About The Hobbit Sequel, Ian said, "Well I've read The Hobbit so I've got a good idea of what the story would be. But as to how it's going to work over two films and what is going to happen on screen, well Guillermo has not got down to working out the major details yet - I can tell you it's going to be amazing though."
About the proposed Magneto spin-off, McKellen noted, "They are making a Magneto spin-off but I don't think it will involve me because it's about the younger Magneto, it's a back-story. Would I be willing to return to play a young Magneto? A cameo in my own movie? I don't think so. I don't think I could get away with playing a 19-year-old."