Elijah Wood as Frodo BagginsWhile it’s clear that Ian McKellen and Andy Serkis would return in The Hobbit (as Gandalf and Bilbo Gollum), it doesn’t make any initial sense to have Elijah Wood return in The Hobbit at all. Frodo plays no part in the story. At all.
But, Deadline is saying that Elijah Wood may very well be talking to Peter Jackson about taking part in the film:
I’ve heard talk of conversations with Ian McKellen, Andy Serkis and possibly Elijah Wood. I’d heard Orlando Bloom was also in talks before the holidays.
Yeah, it’s sort of an off-the-cuff statement, but it seems weird that there’s even a conversation about him being in the film. The only good way I can think of him taking a part in The Hobbit is if he were to play the role of narrator (as Galadriel did in FOTR). He does indeed pen Bilbo’s stories, as we find out at the end of ROTK… maybe that’s what this conversation is leading to.