Aram at Imladris received an email from a fan who received an email from New Line Cinema President Michael DeLuca with the following info:
Thanks for the support. We’re actually considering Uma for Eowyn, not Galadriel, but we don’t know if she’ll do it yet. We’re trying to get Cate Blanchett for Galadriel.
If you’ve seen the movie Elizabeth, I think you’ll agree that Cate Blanchett is indeed “grave and beautiful” as Galadriel is described. I hope this rumour proven true!