Update, 5:30 p.m. Friday:
According to a pair of reports — one by Deadline, the other by fan site TheOneRing.net — Wood will reprise the role of Frodo Baggins, and according to TheOneRing, will do so in a cameo in the opening sequence.
A representative for Wood did not immediately return an e-mail message from TheWrap.
According to the site, "plans are to feature Frodo in the opening sequence of the films. It is unlikely that Warner Bros. or Team Jackson would change the script at this point in response to the web buzz, so we may have just 'spoiled' December 2012 for some — but we warned you. (And, sat on the spoiler until leaks started to appear!)"
In Jackson's "Lord of the Rings" films, the site notes, the Frodo andd Bilbo characters are seen with a fictional book — the “Red Book of Westmarch" — that will play a framing role in "The Hobbit":
Either the telling from it or the reading of it, will establish Frodo in the films experiencing Bilbo’s story. Viewers are to learn the tale of ‘The Hobbit’ as a familiar Frodo gets the tale as well.
Rumors have suggested Wood is “in talks” to appear in the film but that isn’t an issue. [I]t is very likely the role was discussed with the actor at the scripting phase of the films and he was agreeable to reprise his part then. It is likely (but less certain) that the same can be said of Orlando Bloom who is rumored to be playing his LOTR Elf character Legolas.
Read more at TheOneRing.net.