Martin Freeman will play Bilbo Baggins as the first names on The Hobbit cast list were revealed.
The Office star has been linked to the role for several months but it is believed that he had to turn it down due to a clash with the filming of the second series of Sherlock Holmes for the BBC.
In a statement from Peter Jackson the filmmaker revealed that Freeman was the only actor that they were going to cast in this role.
"Despite the various rumours and speculation surrounding this role, there has only ever been one Bilbo Baggins for us.
"There are a few times in your career when you come across an actor who you know was born to play a role, but that was the case as soon as I met Martin.
"He is intelligent, funny, surprising and brave - exactly like Bilbo and I feel incredibly proud to be able to announce that he is our Hobbit."
And Richard Armitage is another British actor who has landed a part in the highly anticipated movie as he is set to play Thorin Oakenshield, the leader of a company of dwarves.
Speaking about Armitage the director said: "Richard is one of the most exciting and dynamic actors working on screen today and we know he is going to make an amazing Thorin Oakensheild.
"We cannot wait to start this adventure with him and feel very lucky that one of the most beloved characters in Middle-earth is in such good hands."
Other actors joining the ensemble cast are Aidan Turner, Graham McTavish, John Callen, Stephen Hunter, Mark Hadlow and Peter Hambleton.
Earlier this month it was believed that James Nesbitt, Michael Fassbender and David Tennant were also in the running for roles in the movie while Ian McKellan and Andy Serkis are due to return.
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