According to PerezHilton.com, Scottish actor James McAvoy has won the leading roll as a younger Bilbo Baggins in the upcoming prequel, The Hobbit, to the Lord of the Rings trilogy.

From the article:

Said to take the lead role of hobbit Bilbo Baggins is Scottish actor James McAvoy.

The J.R.R. Tolkien novel is hoping to be the next blockbuster big hit and will be directed by Guillermo del Toro.

The film is scheduled to begin filming later this year in New Zealand. (more…)

It’s official: Peter Jackson will executive produce not one but two Hobbit films that will be shot back-to-back (echoes of LoTR), with production beginning in 2009.

This is monumental news, considering the very public fallout between Jackson and New Line Cinema.

Peter Jackson, lord of lore, had this to say:

“I’m very pleased that we’ve been able to put our differences behind us, so that we may begin a new chapter with our old friends at New Line. ‘The Lord of the Rings’ is a legacy we proudly share with Bob and Michael, and together, we share that legacy with millions of loyal fans all over the world. We are delighted to continue our journey through Middle Earth. I also want to thank Harry Sloan and our new friends at MGM for helping us find the common ground necessary to continue that journey.”

A director has yet to be named for the films, but speculation on that and much more can be found at the hub of all Hobbit-related information, TheOneRing.net.