Alrighty folks, Harry here. I got the news in that the deals are signed, sealed and delivered for Ian McKellen to play Gandalf and Ian Holm to play Bilbo. This is confirmed and not rumor.
The word currently is that McKellen will be going into New Zealand in January fresh off of finishing his role up as Magneto in Bryan Singer's X-MEN. We will then be a part of the production for... ELEVEN MONTHS. The word circulating my spies in New Line and Weta is that Ian read all 3 scripts and adored the project and felt it was a great part. It also seems that New Line has been completely and totally behind the idea from the get go and were quite accomadating with allowing room for his role as Magneto.
