Hugo Weaving (Elrond) has said to Moviehole that he is not yet cast in The Hobbit films despite what Guillermo Del Toro indicated before.
"I knew that if and when it happened I’d get a call and we’d chat about it, but I haven’t spoken to anyone about it. Someone said to me ‘I hear you’re doing the Hobbit?’ I said ‘Well, um, probably’, they said “No, no. you’ve signed on’. I haven’t actually talked to anyone about it. Doesn’t mean I won’t be doing it, [I’m] just not onboard yet.”
Weaving hasn’t met the prequel’s director but says the he’s “really excited that [Del Toro] is directing. He’s a fantastic choice – an absolutely wonderful choice, just brilliant. It’d be good to get back together with Andy Serkis and Ian McKellan, and whoever else comes back – there’s not many other characters that could come back I guess. Bilbo is back, but you’ve got to have a much younger version of the character. Whereas Elves and Wizards it doesn’t matter – you might just have to age me back though”, he laughs.
This really isn’t a surprise as the film is still in the scripting and pre-production phrase so it is unlikely that anyone is contractually bound to film. All Del Toro was saying is their characters are in the movie and the roles are theirs if they want them. The real problem, as it was with the trilogy after the first film did huge box office, will be the money as all the actors are now very experienced at that game and will likely be making very expensive demands in compensation.