Internet speculation has Sylvester McCoy playing a wizard named Radagast the Brown, not Bilbo
While McCoy said, "I am being cast in 'The Hobbit,'" he included the caveat that "there are two of us under consideration."
Contrary to widespread rumors around the blogosphere, McCoy will not be playing Bilbo Baggins, but the unspecified role "could be bigger."
TheOneRing.net, keeper of all "Hobbit"-related information, speculates that McCoy could be playing Radagast the Brown, which means nothing to this writer but apparently has Tolkien fans in a frenzy.
While Peter Jackson has not yet committed to directing MGM's big-budget fantasy adaptation (which hasn't received an official greenlight either), production is expected to finally begin next year.