MTV interviewed Elijah Wood and he had some interesting blips:

Elijah Wood Wants To Go Back Again To ‘The Hobbit’
Attention Cate Blanchett, Viggo Mortensen, Orlando Bloom, and Sean Astin: You’ve gone “There.” Now get ready to go “Back Again” - at least according to Elijah Wood’s conversations with “Hobbit” maestro Peter Jackson.

“I haven’t spoken to him directly about it [but] I’ve e-mailed him, and as far as I know, the two films that they’re doing, one will be ‘The Hobbit’ and another will take place between the 60 years that happened between ‘The Hobbit’ and ‘The Lord of the Rings,’” the once and future Frodo enthused to MTV News, possibly confirming rumors that the second planned film would not be a Part II, but instead a narrative bridge.

Which means plenty of opportunities for all the stars of “LOTR” to reprise their famous characters in some capacity. None more so, perhaps, than Wood himself, who would arguably be a central figure along with Gandalf, Aragorn, Galadriel, and Gollum in any connecting story.

For his part, Wood is positively thrilled at the possibility.

“If I’m asked to go back and revisit that character and it makes sense, I would love to. I would absolutely love to,” he said.

True, hard-core Tolkien aficionados could tell you that not much is known about Frodo in the intervening years between “The Hobbit” and “LOTR,” excepting, of course, his parents’ deaths and some conversations and journeys with Bilbo which are alluded to in the later legendarium.

That makes it all the more a guarantee that Wood would return, he declared.

“Nothing was really written with Frodo involved in it. That was sort of an ancillary tale outside of ‘Lord of the Rings.’ I can’t imagine that they [Jackson, Fran Walsh and Philippa Boyens] would write great reams of information regarding my character,” he said of necessary invention outside of Tolkien’s established canon. “But if he [Frodo] should show up, it would actually be the perfect way to revisit because it could be small enough that I could go back and have a nice sort of reunion with the memories that I have of the experience.”

As an actor, Wood is excited about the possibility of returning with Jackson to the world of Middle-earth. But he’s even more excited, he said, as a fan.

“It’s a great triumph [that Peter is involved.] I think that’s really important that the same team that worked on the [earlier] films [work on “The Hobbit”], the same effects team, that it be shot in New Zealand. I think that it’s important that Ian McKellen is cast as Gandalf, just so that there’s a synergy between the films,” he insisted. “I think people want it to exist in the same world. So at least now we are assured that it will be done through that same lens, which is great. It’s exciting.”
Sounds pretty interesting and I kinda dig what this could be about.