The dealmaking on Hobbit for a slew of Jackson veterans from his "Lord of the Rings" trilogy has been coming fast and furious and comes on the heels of Andy Serkis finally inking his deal to reprise Gollum.
"The Hobbit" book introduced Gandalf and Gollum, with both characters going on to become part of literature's most popular characters. Gandalf sets the adventure going in the story and appears throughout the novel. Gollum appears in a chapter that has gone on to be one of the most memorable in all of fantasy literature.
Elijah Wood signed his deal to return as Frodo last week, and Cate Blanchett will play Galadriel once again. Orlando Bloom has an offer to return as elf archer Legolas, though it's too early to tell if a deal will be made.
McKellen, who was nominated for an Oscar for his portrayal of Gandalf, has spent recent years doing mostly voice work for film and TV, although he did star in the remake of AMC's "The Prisoner." His last major film role was in 2006's "X-Men: The Last Stand."
"Hobbit" starts shooting Feb. 14 in New Zealand.
Watch Ian McKellen in "The Lord of the Rings: The Fellowship of the Ring":
Other popular stories on Yahoo!: