After internet rumors spread like wildfire over the past few days, Elijah Wood's publicist has now confirmed he's set to reprise his most famous role, Frodo, in Peter Jackson's "The Hobbit."

Wood gained worldwide fame after playing J.R. Tolkien's selfless hero Frodo in Jackson's three "Lord of the Rings" films.  While Frodo does not appear in Tolkien's "Hobbit" novel, it appears Jackson, Fran Walsh and Guillermo del Toro figured out a way for him to make an appearance in one or both films.

In addition to "The Hobbit," Wood has also been cast in Stewart Harcourt’s adaptation of Robert Louis Stevenson’s "Treasure Island" along side Eddie Izzard. That mini-series is currently booked for just SKY TV in the UK.  He'll also reprise his role as the voice of Mumble in "Happy Feet 2" this November.

"The Hobbit" is expected to being shooting this February in New Zealand. "Part 1" will be released in December 2012 with second installment scheduled a year later in 2013.