Last month, we brought you the news that Orlando Bloom and Cate Blanchett were in talks to reprise the roles of Legolas and Galadriel in director Peter Jackson‘s forthcoming Lord of the Rings prequel, The Hobbit, and talks with Ian McKellen, Andy Serkis and Hugo Weaving to reprise their roles as Gandalf, Gollum / Smeagol and Elrond respectively, were still underway as well.

Now, the good folks over at TORn bring news that Elijah Wood will reprise his role as Frodo in the film, and they have revealed how Frodo may fit into the story [Warning: Possible Spoilers Below].

As readers of “The Hobbit” know, the tale of “The Downfall of The Lord of the Rings” and “The Hobbit or There and Back Again,” are contained in the fictional “Red Book of Westmarch.” In Peter Jackson’s LOTR films, the book is shown on screen and written in by Bilbo and Frodo and handed off to Sam Gamgee. (Not explained on film are Sam’s progeny later having the book and being Wardens of the Westmarch — hence the book’s title.)

The fictional book, and either the telling from it or the reading of it, will establish Frodo in the films experiencing Bilbo’s story. Viewers are to learn the tale of ‘The Hobbit’ as a familiar Frodo gets the tale as well.

Since the speculation is now everywhere around the interwebs, TORn can confirm that as of now, the plans are to feature Frodo in the opening sequence of the films.

The Hobbit: Part 1 is currently slated to hit theaters December 2012.

The Hobbit: Part 2 is currently slated to hit theaters December 2013.

The films star Ian McKellen, Andy Serkis, Richard Armitage, Cate Blanchette, Elijah Wood, Sylvester McCoy, Aidan Turner, Rob Kazinsky, Graham McTavish, John Callen, Ken Stott, Mikael Persbrandt, Ryan Gage, Jed Brophy, William Kircher and Stephen Hunter.