First of all, Elijah confirmed that he would certainly come back to play in one of the films if he was asked to do so. That’s a no brainer… obviously he would. But it raises the question: “How can he come back to play Frodo when Frodo isn’t even alive in the time frame of “The Hobbit”
The answer to that question is that the second Hobbit movie may not be The Hobbit at all. Many people have been assuming (me included) that The Hobbit would be broken into 2 films, with some extra material added into the second one. But according the the conversation with MTV, Wood suggests that the first movie would be “The Hobbit” and the second one would be an entirely new film that bridges The Hobbit to The Lord of the Rings. This would open up the possibilities of characters like Frodo, Aragorn and others to appear.
Personally, I think that sounds like an amazing approach to it! Yes, you COULD split The Hobbit into two films, but honestly a 2.5-3 hour Hobbit movie would probably cover all the essential elements, and really, there is no logical break point in The Hobbit to end the first part with if you split it in two.
So what do you think of the idea of the second movie being an entirely new story bridging Hobbit to LOTR?