Deadline has confirmed the long-rumored news that Martin Freeman will be portraying Bilbo Baggins in The Hobbit.

A number of other actors have been confirmed for the movie as well. Richard Armitage will portray Thorin Oakenshield, leader of the Company of Dwarves, with Aidan Turner and Robert Kazinsky playing Kili and Fili of the Company of Dwarves. Graham McTavish is set to play Dwalin, John Callen takes on the role of Oin, Stephen Hunter plays Bombur, Mark Hadlow portrays Dori and Peter Hambleton is Goin.

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Other actors such as David Tennant and James Nesbitt are also reportedly up for roles in the movie. Ian McKellen and Andy Serkis are expected to return as Gandalf and Gollum, although deals haven't been finalized yet. Stephen Fry, Saoirse Ronan and Bill Nighy were also mentioned as possible cast members, although Bill Nighy would likely provide his voice for Smaug the dragon.

Here's what director Peter Jackson had to say about Martin Freeman as the hobbit, Bilbo Baggins:

"Despite the various rumours and speculation surrounding this role, there has only ever been one Bilbo Baggins for us. There are a few times in your career when you come across an actor who you know was born to play a role, but that was the case as soon as I met Martin. He is intelligent, funny, surprising and brave -- exactly like Bilbo and I feel incredibly proud to be able to announce that he is our Hobbit."

It was said that casting has only begun on The Hobbit. We'll be sure to keep you posted with any further details as soon as we have more information.