While the Captain America casting carousel continues with no Steve Rogers in sight, Marvel Studios appears to have landed an adversary for the star-spangled superhero.  Who will play the evil Nazi the Red Skull?  Why, none other than Elrond the Elf King from "The Lord of the Rings" and Agent Smith of "The Matrix," Hugo Weaving.

According to The Hollywood Reporter, Weaving is in negotiations to reunite with his "Wolfman" director Joe Johnston in playing Cap's archenemy.

Word is a lot of work is currently being done on the "Captain America" script so it's still unclear how the Skull will appear in both the World War II era and modern times.  In the comic book, the Red Skull was a key operative of Adolph Hitler and fell into a state of suspended animation just like Captain America, only to be revived decades later. 

The Reporter indicated that negotiations are at "delicate stage" with the studio being as notoriously diligent (ie, cheap) as usual.

Meanwhile, no actor has been recruited to play the hero of the film even though numerous stars have been brought in for screen tests. Time is running out with production needing to get underway to make next year's July 22, 2011 release date.

The Aussie will be heard later this year in Zack Snyder's CG-animated "Legend of the Guardians."

Look for the latest on the "Captain America" casting as it breaks on HitFix.